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A significant breakdown took place today on Gold prices which indicates further weakness ahead.
As can be seen from the first chart below, the upward trend line that has been in place since December 2016 was broken today after a failed break to the upside of the consolidation in place since September 2017. read more
China’s foreign-exchange reserves posted a seventh straight gain in August as the yuan rose in its best monthly performance in at least a decade.
China’ reserves climbed $11 billion to $3.09 trillion, the People’s Bank of China said today, read more
Bank of China Ltd., the nation’s fourth- largest lender, posted a 23 percent surge in second-quarter profit after curbing bad loans and expanding its lending margin.
Net income for the three months through June rose to 57.04 billion yuan ($8.7 billion) from 46.42 billion yuan a year earlier, according to quarterly figures derived from first-half earnings Bank of China reported to Hong Kong’s exchange last week. read more
Today’s ECB meeting and Mario Draghi’s Press Conference were eagerly watched by the financial markets with analysts looking for signs that the ECB would plan for a tapering of their exceptional QE anytime soon.
The ECB held its benchmark refinancing rate at 0% on September 7th and the net asset purchases at the current monthly pace of €60 billion. However, President Draghi said discussions on tapering QE will likely start next meeting, despite the euro being a source of uncertainty for inflation. read more
Strong US employment and factory orders and great earnings fromm Apple Inc. led global stocks to new all-time highs last week.
The rally was paced by Hong Kong Listed Chinese shares up 2.30% and by Hong Kong Stocks.
The technical top in the EUR led European shares to rise and the down phase should be over as can be seen from the DAX and CAC charts above. read more
As 1Q17 finishes with a gain in the books, the stock to bond performance ratio has also broken to a new cycle high, elevating to levels not seen since mid-2007.
The measure of the stock to bond ratio measures the total return of the S&P 500 relative to that of the JPM 10 year treasury total return index. When the blue line rises, stocks are outperforming bonds, and vice versa. read more
The US Treasury market has shrugged off the news in the latest FOMC minutes that the Committee may begin to alter its reinvestment policy later this year. Nonetheless, we still expect a reduction in the size of the Fed’s balance sheet to contribute to a rise in yields in the coming years. read more
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