There were a lot of reasons to see markets pullback on Friday but most people were overthinking it. Once again Greece has been a sideshow and something that market players largely cannot get past the brinksmanship. We also had China raising margin requirements, and some other challenging headlines.
I care less about the EU stock markets reaction to Greece than I do the credit markets.
EIA out this AM saying crude oil output is to soar into 2020 so why are we trading higher on oil?
Correlations breaking down?
We are watching the ECB (April 15th) this week to get a sense of whether this can be an event that supports the thesis that the Dollar can remain a bit weaker before it goes much stronger.
The call three weeks ago was that US earnings season would be a catalyst that allowed EM to outperform.
Markets kick off a big week as we dive into 2Q and earnings season, and digest a US Payroll number that was extraordinary in its weakness.
After the anemic non-Farm Payroll (NFP) in the USA with revisions to the two previous months, risk assets have an opportunity to break through recent resistance.
Emerging Money Daily Audio Cal March 3 – On the call today we review the anemic payroll number in the US which is driving risk assets to move higher in quiet holiday trading.
Emerging Money Daily Audio Call March 31 – On the call today we frame global markets anticipation of 1Q earnings season versus the other dominant themes which remain unchanged.