Week in Review

Summary

  • Turkey continues to get crushed across the board with 10-year blowing out another 40
    bps on the week to over 21 percent ….(they might have negative GDP growth next
    year)
  • EM bond markets hammered….(India behaving well)
  • Euro periphery spreads widening with Italy out to 282 bps over German bunds….(at
    one point of time they were at par)
  • EM FX weaker led by South Africa….(this is next Turkey)
  • The dollar index closed above crucial level….(imp level to watch)
  • Global stocks weaker; (the U.S. closed higher on narrow breadth and thanks to Walmart)
  • Fewer and fewer country ETFs are green on the year
  • Lumber bouncing after vicious bear market….(lumber is a leading indicator of US
    economy)
  • Crude weaker….(some reprieve)
  • No shine for the metals with Dr copper now down 20 percent YTD….(not a good sign)

(Global Macro Monitor)

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