What’s it all about?

Everyone knows that inflation is coming. You can’t read a newspaper or look at an email newsletter without being reminded of that. The problem is that it’s difficult converting this knowledge into money. Maybe buy real assets: lumber, perhaps? But then you remember …

There are comments.

Wrap

Generally, a risk-on day. Crude up, equities up, bonds up, long-duration stocks outperform value. No obvious driver. Lots of coverage of a new motor in the Tesla Model S, which would take it to 200 mph, if only it had tyres and brakes and cooling that were of the …

There are comments.

Who will hold the executive to account? (Part 94)

How to challenge your local council’s accounts.

According to Private Eye, this power has been hardly ever used. My feeling is that scrutiny of local councils is woefully inadequate. I don’t know if the current system is workable. It …

There are comments.

G7 Minimum Corp. Tax Rate

Exactly how the system of global taxation is explored by Tax Watch UK, here. The proposal suggests taxing only “super profits,” i.e. those arising in excess of a 10% margin. The net result is that the new proposal barely changes the amount of corporation …

There are comments.

Wrap

The main action today was in crude. The near month future settled at over $70. It was $62 a month ago.

Equity markets were up, in parts. World markets were flat.

Energy generally was up, as were energy stocks. $BTU was up 11%! Starving energy companies of capital will …

There are comments.

Wrap

Nothing much happened. Commodities generally down, gold the exception. Lumber falling like timberrrrr. Bonds pretty much flat. DXY down 0.2%, matching EUR.USD. 10Y up 6bp. Most sectors down; exception is pharma (up 1.7%).

Twitter

Smaller oil companies are now at an 80-90% discount to their ATH …

There are comments.

Wrap

The deflationary trend continues: bonds were up, the 10Y stands at 1.56%. The NDX was up 1.5%, other markets less, but consistent with a deflationary trend. New jobs created were fewer than expected, but unemployment decreased more. Hourly wages increased 0.5% MoM, more than the 0 …

There are comments.

Wrap

Jobs numbers from ADP indicated a strengthening recovery, which (perversely) drove stocks and bonds down, as it suggested inflation, and Fed tapering (I guess). The dollar was up, and commodities down (almost as a reflex reaction). Tesla had some very bad sales numbers coming out of China, but ‘only …

There are comments.

Wrap

Markets were pretty dead: SPX, 10Y yield, DXY, even gold were pretty flat. Oil was up 1.5%, as were some energy stocks. The only excitement was $AMC going up 95%, through manipulation by the Reddit WSB crowd. European stocks were up.

There was not much news: everyone is …

There are comments.

Overview

The fifth month of the year has started, and evidence of life in markets seems to be flowing back. Most commodities were up, especially ones that respond to inflation. Copper and gold benefited, as did oil. Even natural gas joined in with the party (up 3.6%). Unsurprisingly, the …

There are comments.