This is what fear looks like. Biggest movers of assets this year:
Commodities moved the most & they moved 1st while equities were still in denial - look at that double digits decline of oil & gas
US 10yr -52bps already
US equities erased all ytd gains on just 2 days of losses
Commodities moved the most & they moved 1st while equities were still in denial - look at that double digits decline of oil & gas
US 10yr -52bps already
US equities erased all ytd gains on just 2 days of losses
Questions for you & btw volatility is your friend:
a) Are commodities better at pricing impact of coronavirus on global demand???
b) Will equities catch up???
As in, are we correctly pricing risks/asset prices at the moment??? Where is the mispricing?
a) Are commodities better at pricing impact of coronavirus on global demand???
b) Will equities catch up???
As in, are we correctly pricing risks/asset prices at the moment??? Where is the mispricing?
Asian market movers in 2020 so far.
Equities: Biggest losers are Thailand, the Philippines, Indonesia, & Vietnam
FX: Baht, Australia (proxy for China), Korea KRW, Malaysian ringgit
Sov bonds: Indo, PHP, AU
CDS: Thailand & Korea
Equities: Biggest losers are Thailand, the Philippines, Indonesia, & Vietnam
FX: Baht, Australia (proxy for China), Korea KRW, Malaysian ringgit
Sov bonds: Indo, PHP, AU
CDS: Thailand & Korea
Wait, no for CDS, it's CHINA!!!
Malaysia is moving a lot too. No surprise there given the distraction in politics as corona virus goes global.
Market movers in 2020 for the Americas (my home continent although Asia is too):
SPX erased all gains to -3.2% but Argentina lost more!!!
Brazil moved a lot for govies
Soybean down but sugar up +9.8%
Look at Argentina CDS!!!
SPX erased all gains to -3.2% but Argentina lost more!!!
Brazil moved a lot for govies
Soybean down but sugar up +9.8%
Look at Argentina CDS!!!
Eastern Europe market movers:
Obvs commodity more violent although equities moved a bit too. As for sovereign CDS, Turkey is moving the most!!!
Obvs commodity more violent although equities moved a bit too. As for sovereign CDS, Turkey is moving the most!!!
Middle East & Africa:
Lebanon is standing out hardcore but other oil & producing places can't love this move lower of commodity due to Asian demand faltering either.
South Africa CDS! Anyway, who produces gold in Africa??? South Africa??? Gold is doing not too bad +8.5%!!!
Lebanon is standing out hardcore but other oil & producing places can't love this move lower of commodity due to Asian demand faltering either.
South Africa CDS! Anyway, who produces gold in Africa??? South Africa??? Gold is doing not too bad +8.5%!!!
Western Europe: Austria feeling the hit from global tourism downturn (note that tourism as a share of GDP big - I was just there & googled this); Norway doesn't like lower oil??
Thread ends. A lot to buy & sell. Global markets rock & don't forget that volatility is ur friend 😉
Thread ends. A lot to buy & sell. Global markets rock & don't forget that volatility is ur friend 😉
