The Chinese stock market has been conspicuously calm The Chinese stock market has been conspicuously calm. Today the Shanghai Composite finished with a 0.9% gain following a very unspectacular range, from a -0.2% loss at the lows to a 1.1% gain at the peaks. It was a similar story for the Shenzhen Composite. The China bear seems to have fallen asleep, unstirred by today's disappointing manufacturing PMI report out of Japan, where a sharp drop in export orders was blamed on ebbing demand out of China.
U.S. Durable Goods Preview U.S. Durable Goods Preview: August durable goods data is out Thursday and is is expected to show a 3.0% (median -0.5%) decline for orders with shipments down 0.5% and inventories up 0.2%. This follows respective July figures of 2.2% for orders, 1.0% for shipments and -0.1% for inventories. August saw a general slowing in other transport and industrial measures with industrial production down 0.4% for the month, Boeing orders falling to 52 from 101 and the ISM declining to 51.1 from 52.7.