Macro Morning (calm waters)

By Chris Becker

A mixed night on global stock markets with falls and gains evenly matched as traders continue their bear market battle. With only the Chinese GDP print yesterday to go on there was no real change in sentiment or trend with bond markets also marking time, although Greek bonds were heavily bid, yields falling nearly 0.35%

Where there was real pain was in commodities, with oil falling over 3% on calls from OPEC to Saudi Arabia to cut production, which they won’t. Gold and copper fell as the USD staged a small comeback from its mid-week lows.