I didn’t pay any attention to the markets today. Generally, it was slightly risk off. Soft commodities up a bit. Most indexes down. Some of the tech megastocks up. $XOM down 3%, all the oil majors down heavily. $SLB down 5.2%!
Maybe something more exciting will happen …
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The first presidential campaign TV debate is today. The mafia boss vs an aging political hack with dementia. It is going to be gripping, but for all the wrong reasons. At 2am local time, it’s a miss for me, although I might listen to highlights in my …
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S&P down 0.6% this week (up 2.1% y-t-d). Ten year Treasury yields fell four bp on the week (down 12bps ytd). Most international equities were down, apart from inflation-prone places like Mexico and Turkey. I feel that the weakness of currency is the biggest weakness of …
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I just saw this plot posted by David Finch. It’s very clear cut.
I just feel that Covid has not changed the world so much that it no longer needs energy. I recognize that more electricity generation is going to come from wind and …
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Xi Jin Ping promised this, and promised that Chinese emissions would start to decline by 2030. It’s a big ambition. It will be interesting if it can be delivered without huge hardship for the greying population of this country.
The …
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Today was definitely risk off. Everything down again, including commodities (except NG which has a life of its own: up 18%, on weather in the gulf, apparently). Developed Europe looking weak. Emerging markets all very weak. Japan an exception, not sure why. Maybe the BoJ started buying ETFs more …
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The Market Huddle interviewed Brent Kochuba about gamma and how it interacted with the cash market last month. I listened to this while doing something which required more concentration than was compatible with understanding every nuance of what Brent and Kevin were discussing, but the takeaway I ended …
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Basically, the price of everything is down, except Treasurys. I guess that’s risk off. Gold is down, along with other metals and soft commodities. Crude is down 2.3%. Lagarde is trying to talk the Euro down. It’s certainly going up against the Turkish Lira, which …
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We voluntarily give up a lot of our income to the state. Public spending is now 55% of GDP, which means that, on average, more than half of the income of the population is spent by the state, and therefore not available for discretionary spending. As we …
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