U.S. Stocks Lower on Reaction to Chinese Trade Data
U.S. stocks opened lower on Friday in reaction to Thursday’s news of China’s trade data for July. A miss on Chinese exports increases fears of a global economic slowdown.
Chinese exports were up a sluggish year-on-year 1% for July, compared to the 11.3% growth in June.
Speculation of the ramifications of this data have cause the Street to slide, with many concerned with its effect on the greater picture. Nick Sargen, the chief investment officer at Fort Washington Investment Advisors in Cincinnati summed it up, saying
China is slowing down, Europe is in a recession. Everybody realizes that we’re on a tough situation. The question is — can it get weaker or not?”
This is some somber news to close the week, a week which was filled with great news until today.