Five Hundred Words 7/01/2019

Wednesday, July 1, 2019

Daily Writing

9:25 PM

I haven’t written in my blog in about six months, I apologize for not keeping up with it, but I am grateful to all those who continue to stick with me in one way or another. Writing on China has started to become trickier over the past several months. I last focused on China at the height of a significant drawdown in global equities in global equities. In the following six- or seven-months markets have rallied as we have seen equities rise to new all-time highs. Global bond yields have plummeted, and even Italian bond yields are now lower than those of the United States. However, one thing that has not changed is the status of the United States and China trade talks. We still believe that a deal between the US and China will not lead to a global amelioration between the two countries. China is a theme we will continue to follow carefully moving forward.

In the meantime, stay tuned as we delve deeper into the China-centered macro themes that are growing in importance increasingly each day.

 

Market Data

Resource Commodities

 

July 1, 2019

June 11, 2019

April 1, 2019

December 13, 2018

Gold Spot

1390.10

1326.40

1291.80

1245.00

Silver

15.150

14.725

15.120

14.720

Platinum

832.00

815.00

851.00

802.00

Copper

2.7073

2.66

2.95

2.780

Crude(WTI)

58.80

52.85

61.07

51.41

 

Global Government Bond Yields

 

July 1, 2019

June 11, 2019

April 1, 2019

December 13, 2018

US 10 year

2.02%

2.14%

NA

2.91%

US 30 Year

2.54%

2.61%

NA

3.16%

UK

0.81%

0.86%

NA

1.26%

Germany

-0.36%

-0.23%

NA

0.27%

Brazil

7.27%

7.96%

NA

9.86%

Italy

1.96%

2.39%

NA

2.93%

Japan

-0.16%

-0.11%

NA

0.05%

 

Major Indices

 

JULY 1, 2019

June 11, 2019

April 1, 2019

December 13, 2018

VIX

14.06

18.84

NA

21.00

DOW

268.05

26049

NA

245.76

S&P 500

295.66

288.90

NA

266.45

NASDAQ

8091.16

7822.57

NA

7096.00

CFETS RMB

92.66

93.18

NA

NA

 

Currency Cross Rates

 

July 1, 2019

June 11, 2019

April 1, 2019

December 13, 2018

USD/JPY

108.44

108.5100

NA

113.6700

EUR/USD

1.1284

1.1330

NA

1.1355

AUD/USD

0.6973

0.6959

NA

0.7223

USD/MXN

19.10

19.12

NA

20.069

USD/CNY

6.86

6.91

NA

6.878

USD/HKD

7.81

7.83

NA

NA

USD Index

96.83

96.69

NA

97.15

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