Neither the dismal economic figures from China nor the data on the NY Empire State manufacturing index that fell to levels not seen since the pandemic didn’t stop the upward momentum of the US indices.
China surprised the market by lowering interest rates, unlike the rest of the world's central banks, trying to stimulate the economy, showing alarming signs of weakness.
China's year-on-year industrial production showed a growth of 3.8%, while retail sales fell to 2.7% year-on-year, and fixed asset investments in July only grew 5.7% from 6.1% in the previous month.
Later, the American figure for the NY Empire State manufacturing was released with a drop of -31.30 versus 5.50 expected. This huge deviation alarmed analysts and has once again encouraged the speeches of those who predict a recession in the United States.