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Monday 20th 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 20th September. The detailed chart books are available 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 closed down 0.99%...
U.S. markets closed down this week. The Dow, SPX and Nasdaq all moved slightly lower. Traders are nervous as a sombre September is enacted. Evergrande may grab the headlines in an overvalued market,
European stocks were down with the FTSE closing lower at 6,964 along with the CAC and the DAX. Asian stocks moved down with the Hang Seng, and Shanghai indices lower. Nikkei and BSE were up slightly in the week. Our average over valuation is 6% with the US stocks leading the way with a 10% plus correction possible.
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Bond Market Sentinel ...
US ten year bond yields moved higher this week, closing at 1.37 from 1.33. UK bond yields moved higher jumping to 0.85 from 0.75
In Japan ten year bond yields were up to 0.05. European bond rates moved slightly higher.
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 $1.3752
Exchange rates, Sterling moved down against the dollar at $1.3752 and down the Euro at €1.1719. The cross rate Euro Dollar moved lower at $1.1729.
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 0.9% led by Facebook and Apple.
The market cap closed down to $9.5 trillion, just Apple and Microsoft remaining in the Two Trillion Dollar Club.
The average PE moved lower a mere 37.00.
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Bad week for Crypto ... Down 8.3% ...
Bad week for Crypto fans. Our Crypto wallet closed down 8% lower in the week. Bitcoin moved down 3% to close at $43,147.
Ripple, Litecoin and Dogecoin were down by an average 12%. Ethereum the best perfomer with just a 4% loss.
Bitcoin appears set to test the $40,000 level. despite becoming legal tender in San Salvador ... That went well!
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Oil Prices Moving Higher ...
Oil
prices Brent Crude closed up at $74.82 last week. Trading at $74.55 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. Inflation CPI basis hit 3.2% in August.
The Bank expects inflation to hit 4% in the final quarter but the risk is to the upside ...
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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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