Reading list

A list of the blogs I am reading at the moment most are economic/finance focussed.

Sober look- interesting analysis of macro and market trends updated very regularly http://soberlook.com/

Reformed Broker- light stock market commentary from one of the most prominent financial bloggers http://www.thereformedbroker.com/

FT Alphaville- Up to date bulletins, market updates and reports from the team at the Financial Times http://ftalphaville.ft.com/

Deus ex Macchiato- Super interesting and broad blog that takes ideas from a number of academic disciplines and applies them to finance, economics and complex systems in general http://blog.rivast.com/

Zero Hedge- a non conventional view point from another heavyweight blogger http://www.zerohedge.com/

Epicurean Dealmaker- M&A banker of two decades discusses any topic which takes his fancy http://epicureandealmaker.blogspot.co.uk/

Locklin on Science- broad blog on science and markets by a former physicist working in quantitative finance http://scottlocklin.wordpress.com/

Market Update 29/11/13

One line- Equity markets mixed while rates move up and dollar weakness supports commodity prices. 

- US markets were closed yesterday for Thanksgiving while Asian markets were mixed overnight. The FTSE has opened up 0.2% this morning. The Nikkei lost 0.4% yesterday coming off a near six year high as Japanese industrial figures disappointed on the downside showing just 0.5% growth month on month compared with a 2% estimate. The dollar sold off slightly while the euro is in the spotlight today ahead of the areas inflation data released today. The weaker dollar is supporting commodity prices with gold advancing with industrial metals and oil. Yields edged higher as the markets look forward to potential tapering. http://www.ft.com/cms/s/0/7c5057a8-58a5-11e3-9da6-00144feabdc0.html#axzz2lvuZmraP

- The Japanese CPI measured 0.9% for the month of October in line with expectations. The measure without energy costs comes in at 0.3% the highest since 1998. The news is positive at a time when some Japanese central bankers are concerned about the achievability of their 2% inflation target. Two bankers have raised concern that the figure is driven mostly by a weakening yen and that the lack of basic wage increases is worrying. http://www.ft.com/cms/s/0/4712e182-588c-11e3-9da6-00144feabdc0.html#axzz2lvuZmraP

- In continuing aggravation the Chinese flew fighter jets through the disputed air zones in the East China Sea. Colonel Shen Jinke said several fighter planes and an early warning aircraft have been deployed as a "defensive measure and in line with international common practices". Joe Biden on a trip to China next week is expected to put pressure on the authorities to step down the hostility. http://www.ft.com/cms/s/0/08c78be0-5809-11e3-a2ed-00144feabdc0.html#axzz2lvuZmraP

- Euro area unemployment unexpectedly dropped in October from 12.2% to 12.1% while inflation quickened to 0.9%. While the news is good recent growth figures have been disappointing with third quarter growth down at 0.1% from 0.3% in the second quarter. Italy's youth unemployment rose to 41.2% while Spain's reached a record 57.4%. http://www.bloomberg.com/news/2013-11-29/euro-area-unemployment-unexpectedly-drops-amid-recovery.html

- UK house prices have gained at their fastest rate in more than three years for this month according to mortgage lender Nationwide. The growth year on year has been 6.5% at a time when the Bank of England is looking to slow down its inflation of the housing market by ending its Funding for Lending Scheme. http://uk.reuters.com/article/2013/11/29/uk-britain-property-nationwide-idUKBRE9AS04R20131129

Data

S&P closed

FTSE 6668.37 0.21%
Nikkei 15,661.87 0.41%

EUR/USD- 1.3612 0.04%
USD/JPY- 102.25 0.08%
GBP/USD- 1.6326 0.10%

Gold- 1246.62 0.16%
Oil (Brent)- 110.94 0.07%

Copper- 321.40 0.74%

 

 

10 year yields

US- 2.75 (+2bps)
UK- 2.74 (+1bps)
Japan- 0.60 (+1bps)

Market Update 28/11/13

One line- Market moves risk on on the back of positive US data.

- US stocks rose yesterday reaching record highs as jobless claims fell unexpectedly and consumer confidence beat estimates, Treasuries sold off as did crude oil on increased supply. The yen continued to weaken helping push the Nikkei up 1.8% while European stocks are up this morning with the FTSE adding 0.4%. Gold is under pressure as investors move to riskier assets. The dollar is little changed. http://www.bloomberg.com/news/2013-11-26/nikkei-futures-fall-on-yen-rebound-as-crude-extends-drop.html http://www.ft.com/cms/s/0/8a26a34e-57df-11e3-b615-00144feabdc0.html#axzz2lvuZmraP

- German unemployment rose for a fourth month in November hitting 2.985 million with a rise of 10 000 unemployed. The jobless rate remains unchanged at 6.9%. Sluggish third quarter growth of 0.3% was driven entirely by domestic demand while 0.4% growth is predicted for for the last quarter. The figures support the ECB decision to reduce rates and make the case that perhaps more dynamic measures need to be introduced to the region. http://www.bloomberg.com/news/2013-11-28/german-unemployment-rises-for-a-fourth-month-in-uneven-recovery.html

- Brazil has been forced to increase its benchmark rate by 50 basis points to 10% as the country grapples with inflation as well as declining growth. The move is part of what is currently the worlds biggest tightening cycle with rates having risen 275 basis points since April this year. Inflation stands at 5.8% down from 6.5% in June but still ahead of the 4.5% target the central bank has. http://www.ft.com/cms/s/0/fb86cf18-57bd-11e3-b615-00144feabdc0.html#axzz2lvuZmraP

- Silvio Berlusconi has been ejected from the Italian Senate as a result of his conviction of tax fraud. Still defiant Berlusconi proclaimed "a day of mourning for democracy". His conviction of tax fraud forces him to spend one year under house arrest or through community service. He is banned from public office for 6 years following an anti corruption law passed in 2012. http://www.ft.com/cms/s/0/a029ba7e-5757-11e3-9624-00144feabdc0.html#axzz2lvuZmraP

- Japanese and South Korean planes have been flying through the Chinese new defence zone over the disputed islands in the East China Sea, without informing China. Earlier in the week the Chinese government stated that it would take defensive action against any unidentified planes flying over the area. The move by Japan and South Korea follows the American lack of recognition for the Chinese claim when they fly two B52 bombers over the area. http://uk.reuters.com/article/2013/11/28/uk-japan-china-idUKBRE9AR0AF20131128

Data

S&P 1807.23 0.25%

FTSE 6678.30 0.43%
Nikkei 15,727.12 1.80%

EUR/USD- 1.3600 0.15%
USD/JPY- 102.19 0.03%
GBP/USD- 1.6317 0.18%

Gold- 1242.31 0.36%
Oil (Brent)- 111.00 0.28%

Copper- 319.25 0.06%

 

 

10 year yields

US- 2.74 (0bps)
UK- 2.77 (0bps)
Japan- 0.60 (0bps)

Market Update 27/11/13

One line- Another slow trading day ahead of further US data releases and the Thanksgiving break.

- US stocks were flat yesterday and Asian shares were mixed with the Nikkei losing 0.4% while the Hang Seng added 0.5%. Trading is muted ahead of the Thanksgiving break and further US economic data releases. European stocks this morning are up as UK economic growth of 0.8% in the second quarter grew on housing and investment. Rates are slightly higher with the US ten year adding 2 bp to 2.72% which is helping to firm the dollar vs the yen which weakened 0.4%. Commodities are generally up with gold adding 0.46% and brent adding 0.35%. http://www.ft.com/cms/s/0/12b8579a-5716-11e3-ab12-00144feabdc0.html?siteedition=uk#axzz2leBNNo3r  http://www.bloomberg.com/news/2013-11-27/u-k-economic-growth-accelerates-on-investment-housebuilding.html

- The US made a statement to China yesterday by flying two B52 bombers across the disputed islands in the East China Sea. China has recently said it would establish an air zone over the islands to protect its territorial rights. Beijing has said it would take "defensive emergency measures" against any unidentified aircraft flying over the zone. The US insists the flights were a long planned training mission and that it would not change its operations in response to the Chinese's stance. http://www.ft.com/cms/s/0/b2a6c054-56c9-11e3-ab12-00144feabdc0.html#axzz2leBNNo3r

- Angela Merkel's Christian Democrats and the Social Democrats have agreed to a deal that looks to create a new government by Christmas. The deal spelled out in an 185 page document will not be final until approved by a postal ballot of 475000 SPD members. European leaders are relieved at the agreement as the lengthy talks have hampered reforms of the euro area including creating a banking union. http://uk.reuters.com/article/2013/11/27/uk-germany-coalition-idUKBRE9AQ04G20131127

- Iran's oil ministry is opening talks with contacts in major western companies as they look to the future to prepare for potential further lifting of sanctions. The oil minister Bijan Zanganeh is looking to reattract the kind of investment he managed in the 90's when in spite of sanctions he managed to persuade the likes of Total, Shell, Eni and Statoil to pump money into the region. http://www.ft.com/cms/s/2/2e341574-56ab-11e3-ab12-00144feabdc0.html#axzz2leBNNo3r

- Private equity has $789bn of dry powder on its balance sheets an increase of 12% since December 2012. Increased funding along with a decreased number of deals done is driving the figure which suggests possible over capacity in the industry. http://www.ft.com/cms/s/0/c6b67414-5691-11e3-8cca-00144feabdc0.html?siteedition=uk#axzz2leBNNo3r

Data

S&P 1802.75 0.13%

FTSE 6647.34 0.17%
Nikkei 15,449.63 0.42%

EUR/USD- 1.3605 0.24%
USD/JPY- 101.80 0.49%
GBP/USD- 1.6286 0.43%

Gold- 1251.12 0.67%
Oil (Brent)- 111.30 0.38%

Copper- 323.15 0.39%

 

 

10 year yields

US- 2.72 (+1bps)
UK- 2.74 (+1bps)
Japan- 0.60 (-1bps)

Market Update 26/11/13

One line- Slow day trading as markets pause following Iranian deal rally.

- US stocks were flat yesterday, Asian stocks were mixed overnight and European stocks are down this morning. A softer dollar caused the Nikkei to sell off 0.7% while oil recovered most of its losses following the Iranian deal. Bonds rallied slightly higher with the US ten year down 1bp to 2.73. The 0.2% decline in the dollar index is supporting metal prices with gold up 0.8% and copper up 0.25%. US economic data released later today will be looked at closely for its impact on potential tapering. http://www.ft.com/cms/s/0/674fa1dc-5649-11e3-96f5-00144feabdc0.html#axzz2leBNNo3r

- Minutes released by the BoJ for its last meeting showed uneasiness between members who are beginning to worry that they will not achieve their 2% by 2015 inflation target. Two of the members wanted to change how the goal was worded using less precise language given that they feel the aim is too ambitious. Inflation is showing signs of peaking at 1.0% and some analysts believe further loosening of policy is to come. http://on.ft.com/19XG4PZ

- Senior members of both parties are calling for increased sanctions on Iran in a move that will put Barack Obama to the test. At a time when his reputation has taken repeated knocks on the turn around with Syria to the problems with the launch of the healthcare he may face a formidable challenge.Obama will need the support of Senate leader Harry Reid who initially lent his support to a new set of sanctions for Iran but has since moved into a uncertain position. The current lift on sanctions will remain in place for 6 months in which time it is hoped a new more comprehensive deal will be reached. http://www.ft.com/cms/s/0/280f8146-5652-11e3-96f5-00144feabdc0.html#axzz2leBNNo3r

- China is looking to crack down on banks that evade its lending limits by assets between each other. The new rules will impose restrictions on interbank lending and looks to try and curb some of the riskier activity Chinese banks are engaged in. In order to circumvent lending limits banks sell each other assets and buy them back later at a higher agreed price. Increasing dependence on the interbank market meant that overnight rates rates reached a record this year on the 20th June. http://www.bloomberg.com/news/2013-11-26/china-said-to-plan-crackdown-on-banks-evasion-of-lending-limits.html

Data

S&P 1802.48 0.13%

FTSE 6674.58 0.30%
Nikkei 15,515.24 0.67%

EUR/USD- 1.3558 0.30%
USD/JPY- 101.36 0.30%
GBP/USD- 1.6190 0.21%

Gold- 1253.40 0.16%
Oil (Brent)- 110.65 0.32%

Copper- 323.40 0.12%

 

 

10 year yields

US- 2.72 (-1bps)
UK- 2.76 (0bps)
Japan- 0.61 (-3bps)

Interview with one of the greatest managers ever

Charlie Rose interviews Alex Ferguson for an hour, arguably the most successful football manager ever - http://www.charlierose.com/watch/60274655

Market Update 25/11/13

One line- Iranian deal sparks risk on moves while oil sells off and the dollar continues to strengthen.

- A deal was made with Iran yesterday that trades a reduction in sanctions for a slowdown in the country's nuclear programme. The Iranian economy is struggling with high inflation, unemployment and a continuing recession. Its currency has lost 50% of its value over the last two years while the deal helped the rial rally 2%. While the US, Britain, France, Germany, China and Russia hailed the deal as a great success Israel and Saudi Arabia did not lend their support worrying that the deal gives Iran too much freedom to continue enriching uranium. http://www.ft.com/cms/s/0/a1769f46-5518-11e3-a321-00144feabdc0.html?siteedition=uk#axzz2leBNNo3r

- The Iranian deal is causing broad risk on moves in the market with equities rallying while Treasuries, the yen and gold sell off. The Nikkei added 1.5% overnight while the FTSE is up 0.5% this morning. Brent and WTI took a beating on the news losing 2% and 1.34% respectively. The dollar is showing continued strength as the yen reaches 101.73 and the euro slips to $1.3532. http://www.ft.com/cms/s/0/2647abca-5582-11e3-86bc-00144feabdc0.html?siteedition=uk#axzz2leBNNo3r

- The lack of a deal to create a "grand coalition" in Germany is beginning to weigh on the country as Merkel is unable to move on urgent European policy decisions. Both parties have been under fire more making policy concessions in an effort to form a working government. The expectation is that this week they will reach some agreement as they look to assign cabinet posts.  http://uk.reuters.com/article/2013/11/24/uk-germany-coalition-idUKBRE9AN0GP20131124

- Data released this week is expected to back up Draghi's case to reduce intereste rates for the Eurozone. Inflation is expected to be close to 0.8% while the jobless rate is likely to still be at record highs of 12.2%. http://www.bloomberg.com/news/2013-11-25/europe-twin-woes-fester-in-draghi-job-to-inflation-fight.html

- After two years of continuous decline in the polls for Spanish prime minister Mariano Rajoy a turn around in sentiment is taking place. Confidence on the Spanish economy as well as that Rajoy will retain power in two years is growing. Spain's recession is finally over while bond yields have stabilised on the other hand unemployment is stubbornly high at 26.6%. http://www.ft.com/cms/s/0/ba115508-5362-11e3-b425-00144feabdc0.html#axzz2leBNNo3r

Data

S&P 1804.76 0.50%

FTSE 6702.82 0.43%
Nikkei 15,619.13 1.54%

EUR/USD- 1.3515 0.32%
USD/JPY- 101.73 0.46%
GBP/USD- 1.6194 0.20%

Gold- 1230.79 1.05%
Oil (Brent)- 108.91 1.93%

Copper- 321.55 0.09%

 

 

10 year yields

US- 2.75 (+1bps)
UK- 2.78 (-1bps)
Japan- 0.63 (+1bps)

Market Update 22/11/13

One line- Global stocks rally sparked by positive US economic data, rates halt their sell off while commodities are mixed.

- US equity markets rallied yesterday on encouraging inflation and labour market figures and the momentum continued through Asia. The S&P added 0.8% and the Nikkei added 0.1%. The yen continued to sell off falling to a 6 month low of 101.33 vs the dollar. In Australia the S&P/ASX added 1% as the aussie dollar slid to a two month low of $0.9164. European stocks are up this morning ahead of expectations that data released today will show German business confidence increased. Metals are marginally higher while Brent has sold off 0.34%. Rates are virtually unchanged following the sell off on the Fed minutes. http://www.ft.com/cms/s/0/0f92c230-5329-11e3-8586-00144feabdc0.html#axzz2lB9GOvWf

- RBA governor Glenn Stevens has said he is open minded about currency intervention but that the currency would have to be "seriously overvalued" for him to consider it. The RBA has cut rates by 2.25% in the last two years to 2.5% as it looked to boost industries hurt by the currencies strength. The IMF believes the Aussie dollar is about 10% overvalued.  http://www.bloomberg.com/news/2013-11-21/stevens-says-rba-open-minded-on-fx-intervention-after-inaction.html

- Germany showed a 0.3% expansion in the third quarter helped by strong domestic demand that overshadowed weak export performance.The European Commission is currently reviewing Germany's persistently high current account surplus amid concerns that it relies too heavily on exports, but figures released today showed that trade had a 0.4% net negative effect on growth. http://uk.reuters.com/article/2013/11/22/uk-germany-economy-idUKBRE9AL07M20131122

- The WTO is on the verge of sealing the first global trade pact in more than ten years as the US, China and India put aside differences they have on agriculture. The deal could potentially add $1 trillion in trade to the current $18 trillion per year figure. The deal makes progress on bureaucratic barriers at borders, agricultural and developmental issues. http://www.ft.com/cms/s/0/34eef340-52da-11e3-a73e-00144feabdc0.html#axzz2lB9GOvWf

- Italy and Spain will face questioning over their 2014 budget plans at meeting of finance ministers today. Following the easing of bond market pressure over the last 18 months concern is growing that peripheral country's are beginning to become complacent. This comes at a time when European growth was just 0.1% for the third quarter down from 0.3% in the second. Unemployment is at a record high of 12.2%. While the EU doesn't have the power to veto a country's budget the European Commission hopes to pressure finance ministers into prudent choices. http://www.bloomberg.com/news/2013-11-22/italy-spain-face-budget-scrutiny-as-euro-finance-ministers-meet.html

Data

S&P 1795.85 0.81%

FTSE 6689.86 0.13%
Nikkei 15,381.72 0.10%

EUR/USD- 1.3515 0.24%
USD/JPY- 101.13 0.03%
GBP/USD- 1.6195 0.03%

Gold- 1244.14 0.10%
Oil (Brent)- 109.78 0.27%

Copper- 321.85 0.61%

 

 

10 year yields

US- 2.79 (0bps)
UK- 2.83 (+1bps)
Japan- 0.62 (0bps)

Market Update 21/11/13

One line- Markets sell off as the prospect of early tapering becomes more likely, dollar shows strength.

- Federal reserve minutes released yesterday indicated that tapering was likely in the coming months if the economy improves as anticipated. While the Fed moves closer to scaling back stimulus central bankers in Europe and Japan are under pressure to combat deflationary risks.The Fed's forward guidance that rates will remain low until unemployment goes under 6.5% was being debated in the meeting also with some members wishing to lower that threshold. http://www.bloomberg.com/news/2013-11-21/fed-qe-taper-likely-in-coming-months-on-better-data-minutes-say.html

- Gold fell 1.7% overnight on the Fed minutes while the dollar strengthened adding 0.9% in the previous two sessions. US and Asia ex Japan shares fell while the yen decline against the dollar helped push the Nikkei up 1.9%. In Europe an unexpectedly weak PMI means stocks are down this morning. Yields rose on the tapering news with the US ten year adding 10 basis points to 2.78%. http://www.ft.com/cms/s/0/a284b704-525e-11e3-adfa-00144feabdc0.html?siteedition=uk#axzz2lB9GOvWf

- Activity in China's factory sector grew at a slower pace in November as export orders shrank. The HSBC PMI fell to 50.4 from Octobers reading of 50.9. The data pushed the Aussie dollar down by a quarter of a cent while China's CSI 300 (an index of the leading Shanghai and Shenzhen listed companies) lost 1.14% in the first 30 minutes of trading. http://uk.reuters.com/uk.reuters.com/article/2013/11/21/uk-china-economy-pmi-idUKBRE9AK0CJ20131121

- US budget talks are making progress with a deal in sight that would prevent some sequestration cuts with new revenues. The deal would set spending levels for one or two years while ensuring the government will not be shut down in January. Paul Ryan Republican chairman of the House budget committee and Patty Murray the Democratic chair of the Senate budget committee are leading the talks. http://www.ft.com/cms/s/0/cc41bc5e-523b-11e3-8c42-00144feabdc0.html#axzz2lB9GOvWf

Data

S&P 1781.37 0.36%

FTSE 6685.36 0.06%
Nikkei 15,365.60 1.92%

EUR/USD- 1.3440 0.01%
USD/JPY- 100.87 0.84%
GBP/USD- 1.6109 0.02%

Gold- 1247.71 0.27%
Oil (Brent)- 108.09 0.03%

Copper- 317.25 0.13%

 

 

10 year yields

US- 2.79 (-1bps)
UK- 2.80 (+7bps)
Japan- 0.62 (+2bps)

Market Update 20/11/13

One line- Rally takes a pause ahead of Fed minutes today, equities, bonds and commodities sell off.

- The market rally spurred last week by Yellen's dovish comments has run out of steam as investors look to the Fed minutes today for clues about a potential tapering. Global equities are softer as are emerging market currencies and bonds. The S&P was off 0.2%, the Nikkei 0.3% and the FTSE is down 0.1% this morning. The yen hit a 4 year low against the euro as Japan published data that showed its trade deficit had unexpectedly expanded. Metals and energy are broadly lower. http://www.ft.com/cms/s/0/d976fb8e-5194-11e3-9651-00144feabdc0.html?siteedition=uk#axzz2lB9GOvWf

- The Bank of England minutes released today showed members believe the country is in a sustained recovery, with no major inflation risks. The minutes also showed that policy makers were in no hurry to increase rates. The Bank of England last week lowered its forecasts for inflation and said that unemployment could fall more quickly below its cited 7% level than they had previously thought. http://uk.reuters.com/article/2013/11/20/uk-britain-boe-idUKBRE9AJ0ES20131120

- Bernanke in an effort to allow tapering to occur without raising interest rates has said that the federal funds rate will likely remain low for a long time. Bernanke pointed to meaningful improvement in the jobs market but added that recent reports have been somewhat disappointing. He also said that interest rates rose too high over summer in part due to a perceived reduction of the Fed's commitment to meet its objectives. http://www.bloomberg.com/news/2013-11-20/bernanke-signals-fed-target-rate-to-stay-low-long-after-qe-ends.html

- China's central bank is looking to liberalise its financial services sector under Zhou Xiaochuan who promised on Saturday to "pull out all stops to deepen financial sector reform". The comments came with no timetable and the PBOC still intervenes heavily in the currency markets to prevent the yuan from appreciating. This though may be set to change if Zhou can enact his vision for a more freely floating exchange rate. http://uk.reuters.com/article/2013/11/20/uk-china-reform-idUKBRE9AJ09Z20131120

- Obama made a personal plea on Tuesday to leading senators to postpone new sanctions on Iran. The plea comes just ahead of the continuation of talks with Iran about its nuclear programme. The president however faces fierce opposition to the initiative from Republicans in the House. http://www.ft.com/cms/s/0/585195a2-516f-11e3-9651-00144feabdc0.html#axzz2lB9GOvWf

Data

S&P 1787.87 0.20%

FTSE 6678.13 0.30%
Nikkei 15,076.08 0.33%

EUR/USD- 1.3530 0.06%
USD/JPY- 99.96 0.18%
GBP/USD- 1.6151 0.19%

Gold- 1275.66 0.02%
Oil (Brent)- 108.10 0.34%

Copper- 315.60 0.14%

 

 

10 year yields

US- 2.71 (+1bps)
UK- 2.75 (+3bps)
Japan- 0.61 (-1bps)

Market Update 19/11/13

One line- Markets mixed as investors take profits in developed markets while emerging markets continue to rally. 

- The Chinese pledge for reform is driving Asia ex Japan markets as the Hang Seng added 0.7%. Profit taking in Japan was seen as the Nikkei lost 0.25% having rallied 7.7% last week. Wall Street posted fresh new highs before selling off with the S&P touching 1800 and the Dow Jones exceeding 16000. http://www.ft.com/cms/s/0/38a01804-50c6-11e3-9f0d-00144feabdc0.html#axzz2kzQ4lqxa

- European shares opened sharply down this morning as investors show caution following the Stoxx 600 reaching record highs. The FTSE is down 0.6% this morning. Energy and metals are broadly down this morning while the dollar is selling off ahead of a speech later today by Bernanke. Bernanke is expected to make the case for the continuation of current monetary policy. In the past month the dollar has climbed 1.9% while the euro has gained  0.5%. http://www.bloomberg.com/news/2013-11-19/european-stock-index-futures-drop-kbc-groep-may-move.html  http://www.bloomberg.com/news/2013-11-19/dollar-near-two-week-low-versus-euro-as-fed-delays-taper-hopes.html

- The Iranian embassy in Beirut has been rocked by two explosions with a death toll of 18. There is no word on who is behind the blasts but Syrian rebels have threatened action in Lebanon against Assad's allies. Iran supports Hezbollah that has a stronghold in the area as well as the Syrian government with military and economic support. http://uk.reuters.com/article/2013/11/19/uk-lebanon-blast-idUKBRE9AI08E20131119

-  Emerging stocks rose for a fourth day as consumer and technology companies rallied, the won and the rupee strengthened. China's plans for reform has rallied the MSCI Emerging markets index by 5% in the last 4 days. The index has lost 2.5% this year and trades at 10.8 times projected earnings. http://www.bloomberg.com/news/2013-11-19/emerging-stocks-rise-for-fourth-day-as-won-reaches-two-year-high.html

- Figures close to the matter say JP Morgan has agreed to settle the $13 billion over Washington Mutuals past indiscretions, the biggest settlement in history by a single company for the department of justice. Washington Mutuals miss-selling of mortgage securities is what has caused the settlement. JP Morgan has reserved the right to try and recover the costs in two recent deals with the Federal Finance Agency and with 21 private investors. http://www.ft.com/cms/s/0/f11b2e2e-507f-11e3-9f0d-00144feabdc0.html#axzz2kzQ4lqxa

Data

S&P 1791.53 0.37%

FTSE 6687.98 0.53%
Nikkei 15,126.56 0.25%

EUR/USD- 1.3514 0.06%
USD/JPY- 99.75 0.24%
GBP/USD- 1.6093 0.10%

Gold- 1275.66 0.02%
Oil (Brent)- 108.10 0.34%

Copper- 315.60 0.14%

 

 

10 year yields

US- 2.68 (+2bps)
UK- 2.74 (+2bps)
Japan- 0.62 (0bps)

Larry Summers speech that is currently being discussed

http://www.youtube.com/watch?v=KYpVzBbQIX0#t=38

http://www.businessinsider.com/larry-summers-imf-speech-on-the-zero-lower-bound-2013-11

Market Update 18/11/13

One line- Slow day in the markets generally except for China where the announcement of upcoming social reform is causing strong positive sentiment. 

- Chinese equities are pushing higher in reaction to the Chinese Communist Party's pledge to loosen social controls and to phase out state-controlled prices. The FTSE all world index is trading at a high not seen since late 2007. The Hang Seng added 2.9% while other equity markets are broadly flat. Commodities are broadly lower while FX markets are generally quiet. Asian currencies have experienced a boost from the China news with the yen and aussie dollar strengthening 0.2% and 0.5% against the dollar respectively.  http://www.ft.com/cms/s/0/2e62edf2-4fff-11e3-8e99-00144feabdc0.html?siteedition=uk#axzz2kzQ4lqxa

- While the BOJ is expected to keep its monetary stimulus constant on Thursday weak exports and an inability to create meaningful inflation is creating speculation over further monetary easing in 2014. Analysts will be looking very closely at this meeting for any hints of further monetary easing. http://uk.reuters.com/article/2013/11/18/uk-japan-economy-boj-idUKBRE9AH04520131118

- The Federal Reserve is considering allowing another year for banks to implement changes to comply with the Volcker rule. Banks currently have to comply by July 2014 but regulators are still making changes to the proposal which is expected to be released at the earliest in December, giving banks less than a year to make changes. The Volcker rule includes provisions that banks cannot make any proprietary trades and looks to curb overall risk taking in banks. http://www.ft.com/cms/s/0/6454dae4-4fad-11e3-b06e-00144feabdc0.html#axzz2kzQ4lqxa

- Netanyahu is rallying against a proposed Iranian deal to lift sanctions dependent on restrictions being imposed on the country's nuclear programme. France's Hollande has pledged his support for Netanyahu's position that the restrictions on the nuclear programme do not do enough to prevent the country from creating a nuclear bomb. Relations between Obama and Netanyahu have always been strained and their inability to see eye to eye on this issue further extends the rift which has been developing. http://uk.reuters.com/article/2013/11/17/us-iran-nuclear-idUKBRE9AG0DP20131117

Data

S&P 1798.18 0.42%

FTSE 6704.48 0.16%
Nikkei 15,164.30 0.01%

EUR/USD- 1.3512 0.12%
USD/JPY- 99.94 0.25%
GBP/USD- 1.6114 0.02%

Gold- 1283.92 0.49%
Oil (Brent)- 108.10 0.37%

Copper- 317.50 0.22%

 

 

10 year yields

US- 2.70 (0bps)
UK- 2.76 (+2bps)
Japan- 0.64 (+1bps)

Market Update 15/11/13

One line- Yellen's dovish tone drives markets upwards.

- Japanese equities hit a 6 month high and global stocks are up as Yellen struck a dovish tone emphasizing that the dual mandate of the Fed is her first concern and that she sees no evidence of asset price bubbles at the moment. Any change in QE would be economic data dependent. Sovereign bond markets eased after rallying earlier in the weeks metals slid also. In the currency markets the yen slid beyond 100 yen to the dollar while the dollar is showing strength vs most of its main counterparts. http://www.ft.com/cms/s/0/00b69e86-4da1-11e3-bf32-00144feabdc0.html#axzz2ki7LAIra

- Disappointing growth figures have ruined hopes of a pick up in the recovery for the second half of the year. Growth in the eurozone for the third quarter was just 0.1%  while in Japan the annualized growth rate halved to 1.9% on the back of weak consumption and export data. Question marks are beginning to be raised about Abe's ability to get the Japanese economy firing again. http://www.ft.com/cms/s/0/8f178ee0-4c81-11e3-958f-00144feabdc0.html#axzz2ki7LAIra

- China's benchmark money rate jumped the most in 5 months as the People's Bank of China withdrew $2.5 billion in the last few days. The Shanghai Inter bank rate was at 4.71% for a three month deposit while the seven day repo rate rose 116 basis points to 5.45%. http://www.bloomberg.com/news/2013-11-15/china-s-money-rate-jumps-most-since-june-after-pboc-drains-funds.html

- A gauge of the Brazilian economy unexpectedly contracted in September adding to speculation that central bankers will limit increases to borrowing costs. Policy makers extended the maturity on swaps pushing the real up 0.9% vs the dollar. Policy makers are grappling with the problems of high inflation, an overly weak currency and slowing growth. http://www.bloomberg.com/news/2013-11-14/brazil-swap-rates-drop-as-economic-activity-falls-real-climbs.html

- Highlights of Yellen hearing. http://www.ft.com/cms/s/0/4f429554-4d75-11e3-a220-00144feabdc0.html#axzz2ki7LAIra

Data

S&P 1790.62 0.48%

FTSE 6695.00 0.43%
Nikkei 14,165.92 1.95%

EUR/USD- 1.3449 0.09%
USD/JPY- 100.42 0.41%
GBP/USD- 1.6075 0.06%

Gold- 1282.86 0.34%
Oil (Brent)- 108.54 1.33%

Copper- 316.15 0.33%

 

 

10 year yields

US- 2.71 (+2bps)
UK- 2.75 (0bps)
Japan- 0.62 (+3bps)

Exams

Exams today and tomorrow market update back on friday.

Market Update 12/11/13

One line- Slow day in markets with dollar strength continuing and equities mixed/flat.

- US and European shares were broadly flat yesterday while Asian shares were mixed overnight. Monetary conditions in China tightened in October with new loans at 1/3 less than the previous month. The Nikkei added 2.23% as the yen softened to 99.49 and the dollar remained at a near 8 week high. The Hang Seng sold off 0.3%. Government bonds sold off with the US ten year yield adding 4 basis points to 2.79%.  http://www.ft.com/cms/s/0/8ea91542-4b40-11e3-8c4c-00144feabdc0.html?siteedition=uk#axzz2kKbaClVS

- The recent dollar strength is expected to abate say analysts from BNY Mellon as the market has underestimated how dovish the Fed is likely to be under Yellen. Chief currency strategist Simon Derrick believes that EUR/USD will test $1.38 in the next three months and 93 yen in the next 5 months. http://www.bloomberg.com/news/2013-11-12/dovish-fed-to-sap-dollar-in-surprise-to-market-bny-mellon-says.html

- The US and Britain have sent warships to to assist the relief effort in the Philippines. 660000 people have been displaced and the current death toll of 10 000 is expected to rise sharply in the coming days. In many areas the only branch of government working is the military. The US sent the USS George Washington a ship with a crew of 5000 and more than 80 aircraft. http://uk.reuters.com/article/2013/11/12/uk-philippines-typhoon-idUKBRE9A701120131112

- The Iranian foreign minister Mohammad Zarif has stated the reason for the breakdown in nuclear talks was division amongst Western powers. Responding to remarks by John Kerry Zarif said that blaming Iran only served to undermine confidence in talks beginning on the 20th of November. http://uk.reuters.com/article/2013/11/12/uk-iran-nuclear-idUKBRE9A70DD20131112

- The Industrial and Commercial Bank of China has been added by regulators to a list of banks that need to raise their capital requirements in order to counter the risk they pose to the financial system. The ICBC is the biggest bank in the world by market capitalisation. JP Morgan and HSBC have been told by the regulator that they have to hold 9.5% equity to risk weighted assets the highest of any banks. http://www.ft.com/cms/s/0/9fb7992e-4b01-11e3-ac3d-00144feabdc0.html#axzz2kKbaClVS

- David Cameron's pursuit of trade deals with countries that have questionable human rights records is beginning to cause diplomatic and political unrest. Cameron met with the family of a Greenpeace protestor that had been arrested in Russia and has expressed his unhappiness to Putin at the same time Vince Cable attempts to draw up a trade agreement with the country. The PM argues that the biggest threat facing Britain today is economic. http://www.ft.com/cms/s/0/93420836-4aee-11e3-8c4c-00144feabdc0.html#axzz2kKbaClVS

Data

S&P 1771.89 0.07%

FTSE 6720.72 0.11%
Nikkei 14,588.68 2.23%

EUR/USD- 1.3382 0.19%
USD/JPY- 99.75 0.60%
GBP/USD- 1.5948 0.26%

Gold- 1281.32 0.12%
Oil (Brent)- 106.15 0.23%

Copper- 324.50 0.44%

 

 

10 year yields

US- 2.79 (+4bps)
UK- 2.84 (+3bps)
Japan- 0.59 (+1bps)

Market Update 11/11/13

One line- risk on moves as positive Chinese industrial data and the US jobs report shrugs off tapering worries.

- Eurozone growth is expected to support the ECB decision to reduce rates last week, with GDP predicted to have grown by just 0.1% in the third quarter. Second quarter growth registered at 0.3% and ended the recession in the area. The data is to be released on the 14th of November beginning at 730am in Paris with a French report and finishing with the Euro area report at 11am in Luxembourg. http://www.bloomberg.com/news/2013-11-11/euro-zone-s-fizzling-growth-seen-to-back-draghi-cut-case.html

- The better than forecast US jobs report and positive Chinese industrial data rallied Asian stocks overnight while European stocks are up this morning. The markets reaction to the jobs report was contrary to market reactions over the last few months. The market took the job report on face value as a sign of positive US growth and portrayed no concerns on its effect on potential tapering. The Nikkei added 1.3% overnight while the FTSE is up 0.1% this morning. http://www.bloomberg.com/news/2013-11-11/europe-stock-index-futures-rise-on-china-production-data.html  http://www.bloomberg.com/news/2013-11-11/japanese-shares-advance-on-u-s-economic-optimism-weaker-yen.html

- Greek's coalition government survived a no confidence vote on Sunday defeating the challenge from the radical left wing Syriza party 153 votes to 124. http://www.ft.com/cms/s/0/2d3ff696-4a63-11e3-9a21-00144feabdc0.html#axzz2kKbaClVS

- A typhoon that swept through the Philippines has killed an estimated 10 000. The storm was one of the most powerful storms on record to make it to land, more than 9 million people have been affected while a huge international relief effort is under way.   http://www.bbc.co.uk/news/world-asia-24894529

- A deal with Iran is not far away according to France's foreign minister Laurent Fabius. His comments following the breaking down of negotiations yesterday between 6 world powers and Iran in Geneva. One of the main sticking points in the deal was the Arak heavy water reactor that Western diplomats fear could enrich enough uranium to create a nuclear bomb in the future. http://www.ft.com/cms/s/0/888ecb0a-4aac-11e3-8c4c-00144feabdc0.html#axzz2kKbaClVS

Data

S&P 1770.61 1.34%

FTSE 6718.39 0.15%
Nikkei 14,269.84 1.30%

EUR/USD- 1.3397 0.22%
USD/JPY- 99.12 0.07%
GBP/USD- 1.6011 0.04%

Gold- 1282.66 0.45%
Oil (Brent)- 105.48 0.34%

Copper- 326.30 0.28%

 

 

10 year yields

US- 2.75 (0bps)
UK- 2.79 (+2bps)
Japan- 0.59 (0bps)

Market Update 8/11/13

One line- Market weighs lower ECB rates with strong US GDP growth making the case for tapering, equities sold off while the dollar showed strength.

- The ECB surprised the markets by lowering rates yesterday from 0.5% to 0.25%. Economists predict that following the measure the bank will offer more long term refinancing options to European banks within 6 months. The euro fell 1% vs the dollar yesterday. http://uk.reuters.com/article/2013/11/08/uk-ecb-poll-idUKLNE9A700820131108

- US GDP figures yesterday surprised on the upside showing 2.8% annualized growth compared with a forecast of 2%. Jobless claims decreased by 9000 while the market looks ahead to non farm payrolls and the unemployment rate today. The news hit US stocks as it makes a tapering more likely in the near term. The S&P sold off 1.3%. http://www.bloomberg.com/news/2013-11-07/u-s-stock-index-futures-fall-before-gdp-report.html

- The S&P has downgraded France's credit worthiness to AA citing high unemployment and recent reforms to the tax system. The agency said that the governments fiscal reforms mean that unemployment is unlikely to fall below the target of 10% by 2016. French government bonds sold off with the ten year yield adding 23 basis points to 2.39%. http://www.ft.com/cms/s/0/7d380726-4840-11e3-a3ef-00144feabdc0.html?siteedition=uk#axzz2k2vuY75A

- Asian stocks sold off overnight in the wake of the US sell off, and European stocks are continuing the trend this morning. The Nikkei lost 1% while the FTSE is down 0.3%. The dollar rallied yesterday and is up 0.1% today, while the euro sold off. Commodities are up marginally this morning while rates are unchanged. http://www.ft.com/cms/s/0/f6ff5486-4824-11e3-b1c4-00144feabdc0.html#axzz2k2vuY75A

- John Kerry is set to make a trip to Geneva to negotiate with the Iranians regarding their nuclear programme. Yesterday Iran said it was close to reaching an interim nuclear agreement with the US and other world powers but that it faced opposition from Israel and obstacles in Congress. The Iranian foreign minister Mohammad Zarif said the two sides would begin to draft a preliminary agreement that would include moderate reductions in sanctions provided Iran freezes important parts of its nuclear programme. http://www.ft.com/cms/s/0/3be7c5ba-47d5-11e3-b1c4-00144feabdc0.html#axzz2k2vuY75A

- Twitter shares closed 73% higher following the IPO yesterday. The share price of $45 prices the company at $31.1 billion. An analyst from Evercore calculated that for this valuation to be justified every twitter ad must be as valuable as Google ads and they must triple the number of ads per user. The company has a quarter of the valuation of Facebook with just 8% of its revenues. http://www.ft.com/cms/s/0/aff12662-4768-11e3-b1c4-00144feabdc0.html#axzz2k2vuY75A

Data

S&P 1747.15 1.32%

FTSE 6677.16 0.30%
Nikkei 14,086.80 1.00%

EUR/USD- 1.3420 0.01%
USD/JPY- 98.20 0.11%
GBP/USD- 1.6074 0.14%

Gold- 1311.64 0.31%
Oil (Brent)- 103.84 0.37%

Copper- 325.45 0.18%

 

 

10 year yields

US- 2.61 (+1bps)
UK- 2.69 (+2bps)
Japan- 0.58 (0bps)

Market Update 07/11/13

One line- Markets slow ahead of US GDP data and ECB decision.

- Stock markets are mixed ahead of the ECB meeting today and the US data release. The S&P finished up 0.4% the Nikkei sold off 0.8% while the FTSE is down 0.2% this morning. Industrial commodities are mixed with copper up while brent and gold are down. Currency movements are small and rates are virtually unchanged. The ECB decision on rates is due at 1245 and US third quarter GDP figures are released at 1330. The US is expected to have expanded 2% yoy while rates are expected to be held by the ECB. http://www.ft.com/cms/s/0/589c1a06-475a-11e3-b4d3-00144feabdc0.html#axzz2jrLA0UDC

- Australian employers cut full time workers in October by the most in more than a year sending the currency lower as traders expect rates to remain low. Part time employment increased and the employed showed a net increase of 1100 while the jobless rate of 5.7% remained steady. The RBA currently holds rates at 2.5%. http://www.bloomberg.com/news/2013-11-07/australian-employers-cut-full-time-jobs-in-october-aussie-drops.html

- China is facing huge demographic problems having doubled its life expectancy in 60 years and with a low fertility rate of 1.5. In 2011 its workforce shrank for the first time years before any predictions. Coupled with these problems is the fact that China is yet to be considered wealthy- per capita incomes are less than 20% of those in the US. http://www.ft.com/cms/s/0/2b6f8a7c-46d3-11e3-9c1b-00144feabdc0.html#axzz2jrLA0UDC

- Twitter's valuation has soared to $18 billion as investor interest pushed the company to price its shares at $26 slightly above the range it gave two days ago. Investors are anxious not to see a repeat of the Facebook float which was mired by technical problems and since then the company has failed to deliver. The proceeds of the IPO are expected to be used for acquisitions and expansion. http://www.ft.com/cms/s/0/bab738fe-4720-11e3-b4d3-00144feabdc0.html?siteedition=uk#axzz2jrLA0UDC

- Russia today acknowledged that its long term growth would lag global growth for the next 20 years. Predictions of the long run growth rate of the economy have been pushed down from 4% to 2.5% by the country's economic minister. http://uk.reuters.com/article/2013/11/07/uk-russia-economy-idUKBRE9A60C720131107

Data

S&P 1770.49 0.43%

FTSE 6727.95 0.20%
Nikkei 14,228.44 0.76%

EUR/USD- 1.3519 0.04%
USD/JPY- 98.71 0.05%
GBP/USD- 1.6075 0.04%

Gold- 1316.12 0.13%
Oil (Brent)- 104.49 0.71%

Copper- 324.00 0.09%

 

 

10 year yields

US- 2.64 (0bps)
UK- 2.71 (-1bps)
Japan- 0.58 (-2bps)

Charlie Rose

Interview with editors of The Economist on the state of the world economy and their predictions for the future. http://www.charlierose.com/watch/60291234

Dollar Renmibi the potential future

Enlightening article with great analysis about the dollar's position as the world reserve currency and the Renmibi's future potential. http://www.mauldineconomics.com/frontlinethoughts/the-renminbi-soon-to-be-a-reserve-currency

Art bubble cont.

After posting yesterday an article about the impending deflation of the high end art bubble this article on an NY auction caught my eye. To have a quarter of paintings unsold is surely a catastrophe although admittedly I have very limited knowledge on the matter.  http://www.ft.com/cms/s/0/7a7d2e7a-46b6-11e3-bdd2-00144feabdc0.html#axzz2jrLA0UDC

Market Update 06/11/13

One line- Markets mixed with rates trending higher along with equities and industrial metals.

- US stocks sold off marginally yesterday while Asian and European markets are bullish. The Nikkei added 0.8% while the Stoxx 50 is up 0.7% this morning. The dollar index retreated 0.2% ahead of the jobs report later in the week. US ten year's are continuing their upward trend hitting 2.67%. There are signs of risk appetite in commodities with industrial commodities gaining along with gold. The market is supported by an expected weak job report and dovish ECB. http://www.ft.com/cms/s/0/ab9bbc6e-468f-11e3-9487-00144feabdc0.html?siteedition=uk#axzz2jrLA0UDC

- Weak Eurozone inflation and a cut in the economic forecast for the area is encouraging speculation of a rate cut for the area. The euro lost 2.3% against the dollar last week its biggest weekly decline since July 2012. http://www.ft.com/cms/s/0/e4f8c082-457d-11e3-b98b-00144feabdc0.html#axzz2jrLA0UDC

- Brussels is readying to levy multi billion dollar fines on banks that engaged in Euribor and Libor manipulation, RBS, Deutsche Bank and Soceite Generale are set to pay fines next month to settle allegations. JP Morgan, HSBC and Credit Agricole are involved in talks but are holding out from sigining a Euribor settlement. http://www.ft.com/cms/s/0/8a6a4b02-463d-11e3-9487-00144feabdc0.html#axzz2jrLA0UDC

- New York has elected its first Democratic mayor in nearly 25 years. Bill de Blasio won a landslide victory on Tuesday with a campaign criticizing incumbent Michael Bloomberg's inability to deal with rising inequality in the city. Registered Democrats outnumber Republicans 6 to 1 in the city. Blasio has pledged to be hard on the financial sector and to raise taxes on those earning more than $500 000.http://www.ft.com/cms/s/0/fe4de0e6-462a-11e3-b495-00144feabdc0.html#axzz2jrLA0UDC

- Sharp downward price moves in WTI reflect the effect of the shale gas revolution and the fact that the US has a self imposed ban on exporting crude allowing supply to build up in the country. The US allows itself only to export to Canada where a record amount of crude is currently being shipped. http://www.ft.com/cms/s/0/277402a4-464c-11e3-a0c0-00144feabdc0.html#axzz2jrLA0UDC http://www.ft.com/cms/s/0/170dc1c0-358f-11e3-952b-00144feab7de.html#axzz2jrLA0UDC

Data

S&P 1762.97 0.28%

FTSE 6753.29 0.10%
Nikkei 14,337.31 0.79%

EUR/USD- 1.3507 0.24%
USD/JPY- 98.62 0.12%
GBP/USD- 1.6101 0.34%

Gold- 1317.26 0.43%
Oil (Brent)- 106.18 0.81%

Copper- 327.20 0.41%

 

 

10 year yields

US- 2.65 (-1bps)
UK- 2.72 (+2bps)
Japan- 0.60 (+1bps)

The Art Bubble

http://blogs.reuters.com/felix-salmon/2013/11/04/is-this-the-end-of-the-art-market-bubble/

Market Update 05/11/13

One line- Slow day in markets as investors look ahead to ECB meeting and non farm payrolls later in the week.

- US shares finished up yesterday with the S&P adding 0.4%, Asian stocks were broadly flat with the Nikkei adding 0.2%. In Australia the ASX 200 added 0.8% as the RBA left rates on hold at 2.5%. European stocks have begun up this morning ahead of the ECB meeting on Thursday and the US non farm payrolls on Friday. The report is expected to be soft and the ECB dovish so EUR/USD is trending down this week slipping 0.2%. Yields are flat along with industrial commodities. http://www.ft.com/cms/s/0/f1e78422-45c8-11e3-b98b-00144feabdc0.html?siteedition=uk#axzz2jfbJ2ffc

- Chinese Premier Li Keqiang has stated that to keep unemployment at a stable level of 4% the economy needs to grow at 7.2% per year. He took a hawkish view on inflation citing the fact that M2 in China exceeded twice the size of the country's GDP. China's economy is set to have its slowest rate of expansion in 23 years at 7.5%. http://www.reuters.com/article/2013/11/05/us-china-economy-idUSBRE9A403L20131105

- Half a year after the BOJ governor Kuroda released record monetary stimulus many economists see Japan failing to make their goal of 2% inflation by 2015. Just two of 34 analysts interviewed see the target being met in that time frame. Inflation in September from a year earlier was 0.7%. Real wages fell for a 16th straight month in September. The 3% increase in sales tax to be enacted next year is expected to cause an annualized 4% contraction in the second quarter of 2014.  http://www.bloomberg.com/news/2013-11-04/boj-struggles-to-convince-on-2-as-abenomics-shine-fades.html

- The US energy drilling boom is bringing down global prices for liquefied petroleum gas and is challenging established exporters in the Middle East. The shale revolution has turned the US from a large energy importer to an exporter of oil and gas. In the LPG market the US is vying for the number one production spot at 2 million barrels a day. http://uk.reuters.com/article/2013/11/04/us-energy-lpg-idUKBRE9A30G820131104

-Steve Cohen, arguably one of the best stock traders of all time, has admitted defeat and SAC has pleaded guilty to securities and wire fraud.  The firm agreed yesterday to stop managing money for clients and pay a fine of $1.8 billion dollars. The figure is a record fine for insider trading.  http://www.bloomberg.com/news/2013-11-05/cohen-s-dream-of-soros-status-dies-as-sac-pleads-guilty.html

Data

S&P 1767.93 0.36%

FTSE 6756.77 0.10%
Nikkei 14,225.37 0.17%

EUR/USD- 1.3488 0.19%
USD/JPY- 98.25 0.36%
GBP/USD- 1.5978 0.06%

Gold- 1315.07 0.08%
Oil (Brent)- 106.34 0.41%

Copper- 327.60 0.68%

 

 

10 year yields

US- 2.61 (+1bps)
UK- 2.64 (+2bps)
Japan- 0.59 (0bps)