Maybe China will run and maybe oil is in a mega-trend down, but it normally bounces in northern summer, especially August.
Reuters:
After the market close, index provider MSCI said it will add mainland Chinese 'A' stocks to its widely followed Emerging Markets Index MSCIEF in a landmark decision for the global investment landscape...Alongside MSCI's addition of China 'A' shares to the emerging markets benchmark, the index provider decided not to add Argentina to the same index and will consult on adding Saudi Arabia. Nigeria will remain under review as a frontier market.
Oil fell about 2 percent, with Brent settling at seven-month lows and U.S. crude at its cheapest since September, after increased supply from several key producers overshadowed high compliance by OPEC and non-OPEC oil producers with a deal to cut global output... "People really thought $45 to $55 was kind of the range of oil, but it is getting weaker and weaker and U.S. producers are getting more and more efficient," said Ken Polcari, director of the NYSE floor division at O'Neil Securities in New York... "So if that is the case, they are going to keep pumping." U.S. crude CLc1 settled down 2.2 percent at $43.23 per barrel and Brent LCOc1 settled 1.9 percent lower at $46.02. The drop put U.S. crude in a bear market, traditionally defined as a drop of more than 20 percent from a recent high.
