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Global M.PMI Nov Survey : confidence is rebounding, but not out of the woods
84% of global centralbanks turned dovish, led by the FED, and "phase1" in talks, like always.
Trade War -> Global Slowdown -> Global Bond Rally -> Yieldcurve inversions -> Global dovish central banks -> Stocks rally

2009-present Generation QE
Global M.PMI vs DM vs EM after Nov survey
GLobal big4 M.PMI

US 52.6 7H
CHina 51.8 35H
EZ 46.9 3H
Japan 48.9
Eurozone big 4 M.PMI

Germany 44.1 5H
France 51.7 5H
Italy 47.6 8L
Spain 47.5
Global M.PMI vs $ACWI and EM PMI vs $EEM after Nov surveys
who is the leader of the leaders ? the gap between Markit and ISM M.PMI widened further. Different skew in their weightings, or totally different companies they conduct the questions to ?
Markit surveys vs SPX and US10Y
ISM surveys vs SPX and US10Y
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Kai
@MacroTechnicals
MT GLOBAL MARKETS Momentum & Sentiment Recap as of 13Dec19 wk50

1/n
• busy RiskON week
• FED no-hikes-near-future
• ECB owl season & CSPP
• UK Boris victory lap "ORDER"
• Trump perma trade deal tweet
• 3 further CB rate cuts
• jobless claims jump?
• ZEW expectations!
2/n let's start with the most important theme this week: UK #GE2019 , where Lord Buckethead, Count Binface, Elmo and Nick the incredible Flying Brick, shadow minister for the abolition of gravity of the "Official Monster Raving Loony Party" stood against BoJo and Corbyn... LOLZ
3/n on a more serious note, since Boris Johnson took over as PM and the combination of FED 3x cuts, it was RiskON for little Britain. GBP soared, yields went up, Gilts fell,yldcurve steeper, Banks rallied,Cyclicals outperformed ahead of the election, but got another boost Friday.
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Kai
@MacroTechnicals
MT GLOBAL MARKETS Momentum & Sentiment Recap as of 06Dec19 wk49

1/n
• Global M.PMI rebound
• NFP NFP NFP NFP
• OPEC to cut output ?
• Creditspreads tighter
• Canada UE rate jumps
• NZD & GBP broke out
• oh, yeah, China trade deal
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2/n Global markets Momentum / Trend / Exhaustion scores wk49

• bunch of new 52wk highs in some stock markets / sectors
• credit swap indices remain very supportive
• "club med" South European bond yields going wider, hmm...hello ECB?
• Coffee anyone ?
3/n Global Markets YTD update wk49
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Kai
@MacroTechnicals
MT GLOBAL MARKETS Momentum & Sentiment Recap as of 29Nov19 wk48

1/n
• Vola is dead (FX,SPX), long live Vola (CL,NG)
• Oil&NatGas plunge on ATH supply vs less demand
• China PMI rebounds
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2/n Nov performance

• 47 or so global CB rate cuts supporting the stock market

• credits supportive too

• Chile turmoil leaves ECH and Peso at the bottom, sad.

• Pound sterling top of the class ahead of GE
3/n global markets YTD as of wk48
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