That was the week that was

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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All Day

I was too busy to pay much attention to the market action today. It’s now about the close for US markets, and clearly it’s been a risk-on day. Copper is up quite strongly, gold flat, yields all up, all equity markets up (to a good first …

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Morning report

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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Morning

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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Morning

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.

The politics bit

I had a chat with some guys about trade, agriculture and the environment. I am constantly surprised at …

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What is money? (Part 2 of 94)

Listening to the Market Huddle from last week (episode #87), I got to hear from George Gammon, someone I’d never heard of. I’m not a great fan of hosts of podcasts all interviewing each other. However, he did make some good …

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Worth Reading

• 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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Steepeners and flatteners

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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Morning

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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Morning call

Well, it’s a new day, a new quarter and a new half year. Fairly incredibly, the SPX had the best quarter performance since 1998. Well, we know what happened in 2000. Asian equities up, European ones down. Odd, given that the police in Hong Kong are arresting …

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