It’s the calm before the storm. Last week’s market volatility was ostensibly triggered by the US-China trade conflict turning into a full-blown currency war. But at heart, it’s about the inability of the Federal Reserve to convince us that its July rate cut was merely “insurance” to protect against a future downturn. As any number of indicators now show — from weak purchasing managers' indices in the US, Spain, Italy, France and Germany, to rising corporate bankruptcies and a spike in US lay-offs — the global downturn has already begun.
这是暴风雨来临前的平静。上周的市场波动表面上是由美中贸易摩擦演变为一场全面汇率战引发。但本质上的原因是，美联储(Fed)无法让我们相信，其7月的降息只是防范未来出现低迷的“保险”。正如当前的所有指标——从美国、西班牙、意大利、法国和德国疲软的采购经理人指数(PMI)，到不断增多的企业破产及美国裁员人数飙升——都显示的那样，manbetx app苹果 性低迷早已开始。
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