Emerging Money Daily Audio Call June 10 - Global markets are seeing a strong bounce today as Greece headlines are supportive and equity markets were simply oversold, especially in Europe.
Rates continue to move higher and we are repeating our same refrain that this rates move is European led. Therefore you should assume the broader trading in the Euro and UST’s will continue to test higher.
Commodities getting fresh legs from weaker Dollar trading. Right now we see miners and EM staying in underperformance mode.
China rebalance news was a non-event but we feel compelled to stay clear of China as we discussed yesterday in the FXI and PEK. We do retain long positions in Chinese internet names and watching fresh moves higher today across the ecommerce space.
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