Emerging Money Daily Audio Call October 4 – Investors bullish sentiment now back near cycle highs.
Emerging Money Daily Audio Call August 28 – Jackson Hole came and went without much fanfare which for global equity markets is probably a good thing as the risks were slanted towards hawkish rhetoric if we were going to get any.
Emerging Money Daily Audio Call July 25 – As equity valuations continue to concern some strategists, earnings are giving investors just enough as long as the Fed and global central banks stay idle.
There are the charts that stand out to us this morning:
Copper: Today is all about oil as a combination of some producer bankruptcies, and a merger in the pas production space, a Goldman upgrade and follow through from last week’s rig count numbers drive Brent to fresh highs. So why a chart about Copper?
Markets under control despite resounding OXI from Greece yesterday. As we noted last night the price action is about testing the levels form last week and overall key levels for the indices and macro.
While only a small sample of the last Monday emerging market equities are outperforming the SPX despite the bloodletting in commodities. Today Copper (JJC, quote) is -4% and we are seeing industrial metals tank but EM equities are holding serve.
The highly anticipated Federal Reserve meeting and statement release later this afternoon has market participants on pause with gold (GLD, quote), silver (SLV, quote) and copper (JJC, quote) futures basically flat ahead of the U.S open.
So much for China (FXI, quote) leading a plunge in copper (JJC, quote) prices as inventories tied to collateral for loans were being dumped. Industrial growth globally is near multi-year highs across Europe US and much of Asia.
A lot of macro data around the world last night into the early morning and while European data missed the mark, China delivered. China continues to deliver and the implications are positive for the commodity space. Meanwhile, the Fed may be asleep at the switch when it comes to inflationary pressures.
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- Xinjiang to make free high school universal