Macro Morning (lurching)

By Chris Becker

A sideways march and slippery slide on equity and commodity markets overnight in reaction to China’s continuing equity slump and on waiting out the Fed on Friday. European and US stocks fell around 0.5% or so while oil and copper were sold off heavily, even as the USD slipped against the majors. Bond markets were benign as well.

Recapping Asia’s session, where the Shanghai Composite may have been left to its own devices for once, falling on the open and not interfered with after the lunch session, down nearly 3% to 3114 points and still above terminal support at 3000 points but looking very very weak here: