Global Macro

Via Morgan Stanley: Quantum computing is at an inflection point – moving from fundamental theoretical research to an engineering development phase, including commercial experiments.

By Gavin R Putland Some else wants to do your job.

DXY held small gains last night: The Aussie fell against DMs: And was mixed against EMs: Gold signaled more risk for USD weakness: Brent held on: Base metals unwound the hysteria a little: EM stocks took a hit: US high yield did too.

DXY poured it on last night: Whether that is a double bottom I know not but the post-2014 support level has held.

Via Citi’s chief global strategist, Matt King: Markets seem optimistic that central bank plans to modestly reduce their support for markets in coming months can be achieved without disruption.

Markets have seen some geopolitical volatility over my two week break.

Cross-posted from Independent Australia: It’s almost scary to think that the world as we know it may well be run by Artificial Intelligence (AI) one day.

DXY rebounded last night: AUD rose against DMs: Gold fell: Brent roared back on OPEC jawboning: Base metals rocketed.

It’s congratulations all around as Australia’s failing post-mining boom adjustment takes another blow today from the hottest currency on the planet.

Via Macquarie: Solid June and 1H for global car sales but market slowing  Global car sales are important driver of commodity demand, especially PGMs.

From Vimal Gore at BT: A change in the trend?

Markets were roughly stable last night.

Ray Dalio is: Central Banks’ Reversals Signal the End of One Era and the Beginning of Another For the last nine years, central banks drove interest rates to nil and pumped money into the system creating favorable carries and abundant cash.