Why IMU is a multi multi bagger, page-16428

European markets were all down overnight. US markets were down but recovered to be just in positive territory.

Given that the ASX started the last two sessions deep in the red but recovered by the end of trade, it is a little hard to judge what will happen.

In Europe, the FTSE was down 59 points, the DAX closed down 151 points and the CAC fell 60 points.

China's property sector is again under the spotlight - Evergrande has hit some issues with debt restructure. This had an adverse effect on lage iron ore stocks like Rio Tinto on the FTSE - Iron ore miners may well weigh on the ASX today.

In the US, the DOW closed higher by 43 points, the NASDAQ Biotech Index fell 11 points, the NASDAQ Composite rose 59 points and the Russell small cap index rose 7 points.

There was a late rise in the markets in late trade to send the Indices into the green - but US markets are largely flat.

Oil prices continue to rise. Russia has imposed temporary bans on exports of petrol and diesel. One would suspect to add more pressure on the world because of the war in the Ukraine.

In the US, economic data is showing a slowing of Industrial activity.

US GDP adjusted to show an anualised 2.2% growth rate.

Core PCE at 3.9% for August - down from 4.2% in August.

Investors are assessing the impact on the economy of a gov't shutdown - which is about a week away. There is also pessimism about the Autoworkers strike continuing as negotiations seem t have hit a wall.