From Marc Chandler at Bannockburn Global Forex:
Overview: The dog days of August for the Northern Hemisphere are here and the capital markets ae relatively subdued. Equities are firmer. The notable exceptions in Asia was were China, Hong Kong, and Taiwan. The MSCI Asia Pacific Index has advanced for the last three weeks. Europe’s Stoxx 600 slipped almost 0.6% last week and has recouped most of it today. US futures are steady to firmer. The US 10-year yield is struggling to stay above 2.8%, while European benchmarks are off 3-6 bp, with Italian yields firmer after the Moody’s cut the country’s credit outlook to negative before the weekend. The dollar is mostly softer with the Australian and New Zealand dollar’s leading the way (~0.60%-0.75% better). The euro and yen are little changed. Among emerging market currencies, the Asian Pacific complex is softer while the central European currencies, South African rand, and Mexican peso enjoy a firmer tone.
Gold is trading quietly in a $4-range centered near $1775. September WTI was sold back down after it tried to resurface above $90 a barrel. OPEC and IEA provide new market assessments tomorrow. US natgas is heavier for the third consecutive session, while Europe’s benchmark is up 2%, is first gain in five sessions. Iron ore snapped a five-day fall ahead of the weekend with a 3.2% advance. It is up another 2.25% today. September copper rose in the last two sessions, but it is struggling today. September wheat fell almost 4% last week and is off nearly another 1% today. At the end of the week, the US Department of Agriculture updates its World Agriculture Supply and Demand Estimate....
....MUCH MORE
