Stocks drift, oil slumps on recession fears
Chinese stocks failed to hold onto early gains as growth concerns remained after data showed economic activity and credit expansion slowed sharply in July, prompting the central bank to unexpectedly cut interest rates.On Wall Street, major indexes climbed on Monday, reversing earlier session losses. Shares posted four straight weeks of gains amid optimism over a slowdown in U.S. inflation that could temper the pace of Fed rate hikes.
"We don't think the rally is sustainable. Why? We see the Fed hiking rates to levels that will stall the economic restart," the strategists said.
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