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Monday 13th September 2021
Hi Friend,
TSE Monday Morning Markets ...
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The Saturday Economist Monday Morning Markets ...
This is our Monday Morning Markets Update for the 13th September. The detailed chart books are avaiilable to Premium Subscribers and The Saturday Economist Club members. As always if you have any queries, just let me know. Or anything you would like to see covered, likewise ...
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Our Index Basket flat this week. ...
U.S. markets closed down this week. The Dow, SPX and Nasdaq all moved slightly lower. Traders are nervous about a sombre September. Confusing jobs market data and continued uncertainty about Fed actions overhang markets.
European stocks were down with the FTSE closing lower at 7,029. Asian stocks moved higher with the Hang Seng, Nikkei and Shanghai all moving higher. Investors are wary of further regulatory measures in China. The announcement of the Alipay break up a cause for concern. US markets appear set for a significant correction. The extent of the potential downside is marked in the detailed chart set.
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Bond Market Sentinel ...
US ten year bond yields were unchanged this week, closing at 1.33. UK bond yields moved higher by just three basis points at 0.75.
In Japan ten year bond yields were unchanged at 0.04. European bond rates moved slightly higher. Some ECB tapering appears possible before the end of the year.
The only way for yields appears to be up, with an inherent capital loss in the process. Bill Gross verdict "government bonds are garbage".
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Exchange Rates ... Sterling $1.3855
Exchange rates, Sterling moved down against the dollar at $1.3855 but against the Euro at €1.1724. The cross rate Euro Dollar moved lower at $1.1818.
Exchange rate volatility a thing of the past apparently. More excitement is offered in crypto for active traders, despite the taunts of tapering..
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Empires of the Cloud Trade Lower ...
Our Empires of the Cloud Fund traded lower this week. The AI Five closed down 1.4% led by Apple (-3.5%) and Google (-2.0%).
The market cap closed down to $9.6 trillion, just Apple and Microsoft remaining in the Two Trillion Dollar Club.
The average PE moved lower a mere to 37.03.
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Bad week for Crypto ... Down 18.7% ...
Bad week for Crypto fans. Our Crypto wallet closed down almost 19% in the week. Bitcoin moved down 14% to close at $44,453.
Ethereum the best performer, Dogecoin, Ripple and Litecoin all moved significantly lower.
Bitcoin appears set to test the $40,000 level. despite becoming legal tender in San Salvador ...
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Oil Prices Moving Higher ...
Oil
prices Brent Crude closed up at $72.85 last week. Trading at $73.29 this morning, both oil and gas prices are moving higher.
We had expected oil to trade between $65 - $70 in the
second half as the long bets unwind. The current pattern will upset our inflation outlook. The Bank expects inflation to hit 4% CPI basis by the end of the year.
We await with interest the August data later this week.
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That's all for this weeks Monday Morning Markets have a great week ahead ...
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© 2021 John Ashcroft, Economics, Strategy and Financial Markets, experience worth sharing.
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