Art Cashin Talking Oil, US Equities, and Chinese Bond Selling

Anyone who watches even a little bit of CNBC is familiar with Art Cashin.  Art Cashin is the Director of Floor Operations for UBS Financial Services and a regular markets commentator on CNBC.  In a recent interview with King World News, Mr Cashin shares his views on the US equity market, Oil, Bonds, and pretty much everything in between. These are some of his main statements during the interview.

Chinese Manufacturing PMI Underwhelms

Chinese Manufacturing PMI data came in at 48.1 this morning.  The figure was below last month’s 49.7 level and was the fifth straight month of a below 50.0 report.  A surtvey figure below 50 indicates industry expansion.  Therefore, the PMI number this morning has added more fuel to the fire that China’s impressive growth is in fact slowing as global markets decrease demand.

Commodity Currencies Under Pressure

A double whammy of negative news is hitting commodity currencies today and triggering sour forecasts from Forex traders and economists towards the future.  First up was the release of MPC Minutes from the Reserve Bank of Australia.  The report showed that the central bank will be holding interest rates unchanged for the next few months.  Later in the day were reports that China’s growth is in fact slowing which will decrease demand for commodities.