Advertisement
This week’s advice from the smartest guys in the room is as entertaining as usual. Leading us off is BofA which has figured it out, finally:
Tale of the Tape: recessionary…US yield curve (5s30s) @ 1-year low, global stocks exUS tech (MXWDUIT) unchanged past 8 months, EM stocks–ve YTD, small cap breaking down, palladium-23%, copper-19%, oil-16% from recent highs; top 4 sectors S&P500 thus far H2…utilities, health care, REITs, staples.
The Price is Right: China HY bonds down >10% from highs (Chart11), China“private elite”stock index down >40% from highs (Chart12).
The full text of this article is available to MacroBusiness subscribers
Cancel at any time through our billing provider, Stripe
About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
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.
Advertisement