Texture from Reuters:
“We could see further weakness,” said analyst Edward Meir, commodity consultant at brokerage INTL FCStone in London.
“The gains we saw … seem to be just a short-lived technical bounce, as a sense of unease still seems to linger over a number of markets ahead of the September 1st U.S. tariff imposition on the next tranche of Chinese exports,” he said.
Yep. Overnight futures closed before the trade fireworks so I’m not sure how fr the bounce can get. To the charts:
It is my view that the intensifying trade war signals the end of China’s growth period. It can simulate now and again but it will be going ex-growth as it does so.
Bulk commodity prices are in for an historic reversion to mean over the next few years.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
Latest posts by Houses and Holes (see all)
- Mark Latham destroys NSW economic blueprint to nowhere - November 21, 2019
- Moody’s dumps states onto downgrade watch - November 21, 2019
- Tin-eared Scummo meets cricketers but not fire chiefs - November 21, 2019