Markets Are Finally Moving – Will It Last? — MM #150

Markets are finally on the move and it is not limited to one asset class. We tackle central bank hawkishness, stocks, bonds and all the major regions before previewing the strong start to July.

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  1. Central bank hawkishness: The Sintra gathering resulted in a gradual shift towards tapering from Draghi and an 180-degree shift from Carney in the same direction. While the BOJ is on the other side, where does the Fed stand?
  2. Stocks and bonds: Hawkishness from central banker justifies a sell-off of bonds, but the money is not going into stocks. What’s going on? We dive into different sectors, winners and losers within the great rotation.
  3. Commodities: Oil is recovering and this is not uncorrelated with the falling dollar, but not entirely. And how is gold behaving? It is somewhat confusing.
  4. What’s next?: Can this volatility continue? This is an open question. We have seen some calm after a few busy days. Will we have a calm summer? Or is this time different?
  5. Preview: A full buildup to the Non-Farm Payrolls could get bumpy with a holiday in the US. Also, watch key data from China as well as other places. We provide our #NFPGuesses.

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