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The stock market appears to be at a critical inflection point. That’s the takeaway from widely followed economist Marc Faber, author of the Boom, Gloom & Doom newsletter.
Faber’s bearish market calls have been followed closely since 1987 when he warned his clients to cash out before Black Monday. And in a live interview on CNBC’s Fast Money Halftime Report , Faber again warned that economies of the world may be on the brink of a serious slowdown.
Faber indicated that while investors remain focused on Greece and Europe – other issues, bigger issues are looming. And they’re more threatening.“As an observer of markets – whenever everyone focuses on one thing – like Greece and Europe – maybe they miss issues that are far more important – such as a meaningful slowdown in India and China .”
The latest reports from Beijing would support Faber's assertion. The HSBC Flash Purchasing Managers Index , slipped to 48.7 in May from 49.3 in April. That marks the seventh straight month that the index has been below 50, a level which indicates economic activity is contracting.
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