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Chinese equities take over the baton today and will set the early tone for stock markets after an extended four-day break last week. Over the past weekend, rhetoric from top officials in China has sought to reassure global market watchers that the ‘Chinese economy’s fundamentals are fine’. How traders there take this message into their trading plans today could be determined by just how fast they are able to shake off the initial weakness in Asia this morning, expected because of Friday’s sell down in New York trade. US stocks ended Friday’s session sharply lower, as a highly anticipated monthly jobs report did not offer anything conclusive over what the Fed may decide when they meet later in the month. The S&P 500 closed 29.91 points, or 1.5% lower at 1,921.22, and fell 3.4% over the week. The Dow Jones Industrial Average dropped 272.38 points, or 1.7%, to 16,102.38, recording a 3.3% loss over the week. Early leaders in Asia, the Japan 225 is exuding red all over again this morning. Another attempt at the August meltdown lows for all major indices could prove a crucial test of just how much ‘the coast has been cleared’ for buyers to make a reappearance once more.
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