Ok, so the news out overnight was solidly mixed. US services sector was weak but the employment data looked better. Additionally, we saw policy makers across the globe announce policies to help the economy. But then it's stoking speculation/fear that things are really bad.
Basically think everyone's still pretty scared now. Accordingly we are seeing Central Banks across the globe getting the policy parachutes out. ECB (European Central Bank) cut all of its interest rates; Bank of England will be spilling another U$77b into the economy but it's China's being the most aggressive right now. They have cut interest rates twice in 2 months. It's impressive but there is a lot of debate that it sets up for some very weak economic numbers next week. The big one to watch will be China's 2Q GDP next week. Anyway we can worry about that next week. Happy Friday.
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