Key Developments
By Jon Nadler
19 August 2009 @ 02:59 pm EDT
Price weakness continued to be manifest in the precious and base metals complexes overnight, as China's stock market index fell another 4.3% and came to the point of requiring the 'bear market' label to be applied to it by market technicians. Albeit analysts see the Chinese market implosion this month as somewhat counterintuitive, there are other signs that point to justifiable apprehensions. Like, say, the Baltic Dry Index falling 2.5% just yesterday. Over in Germany, producer prices dropped at the highest rate in sixty (!) years last month, signaling the possibility of deflation taking hold in the eurozone. Continuing on yesterday's ‘end of crisis' news beat, Goldman opined today that the US recession likely ended some six weeks ago.