Risk on (as usual). Bonds almost flat. Commods up generally, apart from the crude complex. Copper jumps because of some trouble in Chile. Equities up, vaccine rumours. Dollar flat. It’s Monday. Nothing will be clear until the US opens.
Huge puke in the main equity indexes late …
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The Chinese authorities seem determined to distract their citizens from the Hong Kong security law clampdown by juicing their stockmarket. The Shanghai Composite and the ChiNext indexes both went up over 7% (these are roughly the equivalent of the S&P 500 and the …
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Everything seems pretty flat. Nasdaq & Apple continue to defy gravity. International equities have quite a dispersion. Generally China up, rest of Asia down, Europe down. SPX futures down a tiny bit, Nasdaq up 0.3%
It’s hard to get a feel for the overall tone of the …
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Vaguely flat, after a pause in the rally yesterday. Gold still going up, other commods likewise. Equities flat (though Nasdaq still hitting all time highs). Bonds flat, but given the risk-off feeling of the day, it feels like they should be on their way down. Wolf sees inflation, even …
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Risk off: bonds up (a teeny bit), equities off (quite a bit, but after a huge rally yesterday), commodities generally down, with the sole exception of natural gas.
I had a chat with some guys about trade, agriculture and the environment. I am constantly surprised at …
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Latin-America’s Airlines Are Crashing, But There May Be No Bailouts. Aeromexico Denies Filing for US Bankruptcy . What a peculiar form of capitalism, where investors lose out when the companies they invest in are not economically viable. It will never catch on in the US or UK. It …
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Andreas Steno Larsen has written his macro piece for Nordea. The message seems to be that in the complex dance with the Fed and the US Treasury (Powell & Mnuchin) there will be a tightening which will cause the steepener trade to falter, by which Larsen seems to …
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Nearly everything up, a teeny bit. Dollar down, similarly. Dollar assets essentially flat. Independence Day holiday coming up. The short sellers have made a packet on Wirecard, but are probably not rushing back to short anything else. $TSLA makes headlines by overtaking Toyota in terms of market cap, if …
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