Zak Mir, technical analyst for ShareProphets.com, opened the Tip TV Finance show today alongside Mike Ingram, strategist at BGC Partners, to discuss the ongoing situations concerning the Fed rate hike and the China meltdown.
Transparency required in the global market
Ingram began by noting the rounding up of journalists in China, and he added the fog surrounding China must clear in order for the world to understand the problems facing it and to react accordingly. In terms of the Fed, Ingram commented that the time of the rate hike remains in the balance, despite it being said over the weekend that the Fed will look through China to raise rates, as we await the non-farm payroll numbers on Friday.
Full house buy alert for stocks
Ingram questioned their decision as he believes it isn’t as easy to call the bottom, and that we are not going to see any resolution to the current crash. He outlined how Morgan Stanley were overweight on European equities like everyone else, and went on to highlight that Europe is improving economically - but sustainability is the key.
Whilst discussing recovery, Ingram noted that the US has experienced one of the worst recoveries in history, only growing at rates of less than 3%.
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