By Chris Becker
Maybe it’s the summer storm season making neurons fire at crazy levels but I smell a whiff of correction and possibly more in the air on markets going into Christmas. The follow through from Friday night’s very good unemployment numbers in the US has been less than stellar with stock on both sides of the Atlantic falling 1% or so and rejecting record tops as oil cratered more than 4% on the back of lower than expected growth in Chinese exports (and imports retracing significantly).
Notwithstanding the bubble-like Chinese stock market, there is a hint of panic spreading across emerging markets, particularly Russia as its energy stocks and currency go into free fall, but also as the strong USD starts to weigh (and the perennial problem in Greece, which needs another bailout).
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