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T3's Take 3: The American Bull Strikes Back


Today's financial recap and tomorrow's financial outlook.

Today on T3 Live

To show traders how to best combat recent market volatility, T3 Live's CEO Evan Lazarus is hosting an emergency webinar Thurday.

Evan's going to explain why you need to embrace the volatility, and show you strategies you can immediately put to work.

Click Here Now to Register.

China Fails One More Time

After China's continued destruction yesterday, the government decided to step in with some much-appreciated stimulus. It was announced that they cut the key interest by 25 bps, and lowered the amount of cash banks are required to keep in reserve, allowing them to lend out more money. The Shanghai Composite opened flat, eventually rallying nearly 3% before dropping sharply 30 minutes before the close to finish down 1.3%.

China has also announced it will be taking measures in order to curb speculation. This morning there were reports that a financial journalist was detained, in an attempt to crack down on "market rumors" that may hurt sentiment and increase volatility.

World Equity Markets

Most of Asia saw a bounce back despite the volatility in China. The Nikkei broke its six-day losing streak, closing up 3.2% as bargain hunters bought in.

The Korean Kopsi, Taiwan TAIEX, and Australia's ASX all finished up as well.

European markets shed some of their gains from yesterday.  The German DAX closed down 1.3%, while the French CAC fell 1.40%. The drop was in response to the fall in Chinese markets. Stocks initially rallied yesterday after the Chinese government announced its stimulus program.

US markets went the other way. US investors were graced with a much better-than-expected durable goods report.

And after a mixed start to the day, the the major averages surged into the bell, and the S&P 500 finished u0 3.9%.

New York Federal Reserve President William Dudley stated that a September rate hike looks "less compelling." The dollar gained against most major currencies while Treasury yields rose as investors got bullish.

Morning Earnings

Most of this morning's earnings announcers posted some strong gains today.

Of the eight, 7 of them rallied, with 5 gaining more than 4%. The top performer was Express Inc (EXPR), reporting a tripling in quarterly profits. Shares rallied 19.8%. Abercrombie & Fitch (ANF) jumped 9.5% after reporting a surprise beat.

Thursday's Financial Outlook

US economic data for tomorrow will include GDP data, personal consumption, CORE PCE, initial & continuing claims, Bloomberg consumer comfort, pending home sales, and Kansas City Fed manufacturing.

Overseas data will include British nationwide house PX data, Swiss industrial production, Japanese CPI, and China's leading index.

Burlington Stores (BURL), Dollar General (DG), J.M. Smucker (SJM), Michaels Stores (MIK), Patterson Companies (PDCO), Seadrill Ltd (SDRL), Signet Jewelers (SIG), Tiffany & Co (TIF), and Toronto-Dominion Bank (TD) will announce earnings before the open tomorrow. Autodesk (ADSK), Gamestop (GME), and Ulta Salon (ULTA) will release their earnings report after the close.
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