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)