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Global Stocks Pull Back From All Time Highs On Poor Chinese Data; All Eyes On CPI

Global stocks backed off from all time highs, and S&P futures are unchanged ahead of the much anticipated US CPI report, which is expected to break a streak of five consecutive misses, while eyeing disappointing overnight Chinese economic data which missed across the board. European stocks and Asian markets were also modestly in the red, with the relentless global rally to new daily record highs taking a breather amid some concerns China’s economy is rolling over, which weighed on commodities including base metals, which in turned dragged down mining stocks. Most major currencies drifted before today’s other major report: the BOE rates decision, where the central bank is expected to keep rates unchanged.

As reported last night, Chinese retail sales, industrial production and fixed-asset investment all slowed and missed last month after a lackluster July as efforts to rein in credit expansion slammed the economy. Offsetting China’s weakness was the latest Australian employment report, according to which the country added 54,200 jobs in August from July, more than twice the 20,000 estimated. The jobless rate was steady at 5.6%. The Aussie dollar rallied past 80 cents to the U.S. currency on stronger-than-expected employment numbers, before paring gains on the disappointing Chinese economic data. …

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