Bisnow Market Watch: 10 Things You Need To Know Today
Crude oil is on the fritz, retailers are going down—all in an election year. To make sense of it all, here's a roundup to keep you up to date on all things economy.
1. China's steel use is down for the first time since 1996. [Reuters]
2. Moody's may cut China's credit rating due to weakening fiscal metrics, increased capital outflows and concern over the country's ability to implement reforms. [BI]
3. The construction PMI was missed in the UK as homebuilding grew at its slowest pace since 2013. [Reuters]
4. On the other hand, Australia hasn't experienced a recession in over 24 years, and is on track for 3% growth this year. [BI]
5. On the political front (and who knows how that could impact the economy!), the frontrunners extended leads on Super Tuesday, with both Trump and Clinton winning seven states. [NYT]
6. Aubrey McClendon, former Chesapeake Energy CEO, has been indicted on suspicion of "conspiring to rig bids to buy oil and natural gas leases in northwest Oklahoma." [Bloomberg]
7. Another retailer bites the dust: Sports Authority has filed for Chapter 11 bankruptcy. [Reuters]
8. And speaking of retail, earnings reports are due. Costco, Abercrombie & Fitch and American Eagle all report today. [Fortune]
9. The US 10-year yield is up 1 basis point to 1.84%. [TheStar]
10. While the S&P 500 is down 9.5 points, global stock markets are mostly higher—China's Shanghai Composite is up 4.3% while Spain's IBEX leads Europe with a 1.1% gain. [BI]
