5 Hot ETFs Leading The Wall Street Rebound
Zacks Investment Research | Aug 08, 2019 10:09PM ET
After registering the worst day of the year on Aug 5, Wall Street strongly bounced back on upbeat Chinese trade data and fixing of its onshore currency at the weakest level since 2008. China exports unexpectedly rose 3.3% year over year in July amid the rising tariff environment while imports fell 5.6%, taking the country’s surplus to $45.06 billion.
Additionally, the People’s Bank of China (PBOC) jumped in to stabilize its currency. It set the official midpoint reference for the yuan at 7.0039 per dollar on Aug 8. Though it is the weakest point for the currency against the dollar since Apr 21, 2008, it is ahead of analyst expectation of 7.0222 per dollar, per Reuters. The central bank fixed the midpoint of the currency rate below 7 yuan per dollar for the second time today at Original post
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