Oil Plunges, Sending Energy Stocks Sharply Lower: Here’s What Driving The Selloff | ZeroHedge

First, as reported last night, China’s economic slowdown deepened in July with the latest set of economic numbers simply terrible, forcing the PBOC to unexpectedly cut rates, and dragging markets lower (although how a Chinese slowdown is news to anyone is unclear). China’s economic slowdown deepened in July due to a worsening property slump and continued coronavirus lockdowns, with an unexpected cut in interest rates unlikely to turn things around while those twin drags remain.

Third, the catastrophic Empire State Mfg Index print today, which saw its 2nd biggest drop on record to multi-year lows, and printed far below the lowest estimate, rekindled fears that a hard-landing recession for the US is still in the cards

Oil Plunges, Sending Energy Stocks Sharply Lower: Here’s What Driving The Selloff | ZeroHedge