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S+P 500 futures back below 5k as Chinese markets balk at mortgage rate cut

Earlier today the Chinese Banks cut mortgage rates by 0.25%, to 3.95%. However, the Chinese stock markets are all in the red now today. That means the reopening gains yesterday, after a week of being closed in China, have been partially reversed. That is not exactly impressive and once again it seems Chinese investors are not convinced the downside trend is yet finished. This rejection of the mortgage rate cut has weighed on the US equity futures, which are further in the red now today. The US markets were closed yesterday. So, the reopening for later today is now more coloured red than it was this time yesterday morning. The S+P 500 futures are now pricing a reopening at below 4,990, after the index closed last Friday at 5,005. 

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