Due to continued concerns that the pace of economic stimulus cannot be sustained, the Shanghai index fell another 4.3% and is now down 19.8% from its level of just two weeks ago. As China is predominantly responsible for lifting the global economy off its arse in March, the pullback is having its now obvious impact on everyone else. Growth concerns have sent the US 10 yr bond yield to a one month low. ABC confidence rose 1 point to -46 as evidence of consumer saving may be having an influence. The Personal Finance component rose to a 13 week high even as the State of Economy figure fell to an 8 week low. Also, there was a sign of acknowledgment on the part of the consumer that things have stabilized as ‘those that said economy is getting worse’ fell to a 5 1/2 year low at 31% but only 26% thinks its getting better with the balance being ‘the same.’ The MBA said refi’s rose 6.9% and purchases rose 3.9%, an 8 week high.
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