Global stock markets have erased earlier gains and U.S. stock markets are in the red as traders eye copper prices, which are taking a dive today.
The S&P 500 is trading around 1871, down 0.3% from yesterday's closing levels. In the euro zone, a few indices are holding on to gains (Italy's FTSE MIB and Germany's DAX), but others (the London FTSE 100, the French CAC 40, and the Spanish IBEX 35) have slipped into negative territory.
Traders are eyeing copper prices today as concerns over the Chinese growth outlook continue to ripple through global markets. Data over the weekend revealed a sharp drop in Chinese exports, and copper futures fell 1.7% in Monday's session. Today, they are down another 2.3%.
One item out of China in particular that is receiving attention today is the prospect of a second default in the Chinese corporate bond market. Trading in solar company Baoding Tianwei Baobian Electric was suspended today following the announcement of its latest quarterly earnings results, which revealed continued mounting losses.
It's unclear to what extent these themes are playing out in the broader global marketplace, but the absence of any major economic data releases in the first two days of the week has left little in the way of fundamental "catalysts" for the sell-off.
The charts below show movements in various markets. Across the top from left to right are the S&P 500 index, the U.S. dollar-Japanese yen exchange rate, and the euro-U.S. dollar exchange rate. Across the bottom are gold futures, 10-year U.S. Treasury futures, and December 2015 eurodollar futures.
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