Take a look at the technicals. This is a one year chart of the s p 500. A chubby uptrend. The big question is whether we are looking at a v bottom. It could be something that is called a bear pendant. 3000 is the lines in the sand. Bottom backe a toward the high. If we go back below the 200 Day Moving Average or below 3000, it makes a stronger case for work to be done to the downside. Volatility breeds volatility. More big moves are ahead. Worksuggests there is more to be done on the downside. At the creditg market, which looks to be stabilizing after some steep losses at the end of february with highyield bonds volume for a second day. The spreads narrow. Is the biggest junkbond etf, so the biggest the secondbiggest inflow ever. The spread narrowing can be an indicator for equities. Some of the bulls can take comfort there could be more upside for stocks. Crude oil has come off its highs for the day because russia and saudi arabia cannot seem to agree on whether deeper cuts are needed
The play was just extraordinary. Alix that was the winning moment at the end of the whole game. David and he didnt get up. Alix i do not blame him. The real action is going to be looking at the dollar, kind of around a two week low. Other than that, steady as she goes. The 10 year yield back by about three basis points. Crude, if itnt out is policy steady as she goes, that means more saudi production cuts. Crews wanting to kiss that 60 for crudeg wanting to kiss that six together level, waiting for toio draghi crude wanting kiss that 60 level, waiting for mario draghi. We begin with china, where the country faces and import and export deceleration in the month of august. Bloombergs enda curran has more. Just how bad was it . Pretty bad because economists were expecting exports would have grown. We had a contraction of 1. 1 , and there was evidence of a big slump in shipments to the u. S. , even as exports to europe grew, so it was clear the trade war affected all of that. The big fear
Trading behind the hottest commodities with the smartest voices in the business. We kick it off with spot on, our take on the big story and we focus on the commodity rout. The bloomberg Commodity Index rebounds thursday after after hitting a threeyear low and our Bloomberg Team has you covered from all the angles. Mike, lets start with you, gold able to break out of a 1500, it did not hold that level. Is it topped out . I dont think so. To 1700. Is to get you said earlier in your show, a six year high, that was 2013, the big collapse and , the high was 1700. Alix it tracks a must take for tick, what is that mind telling you about where yields will go and why gold is a safe haven . Down. I mean, this is not the first place you want to list a yield in the bond market. The trend is your friend. It is clearly lower. With copper and gold and that trend heading down and yields heading lower, i dont know what it will take to stop that. It might be a speed bump in the short term. Alix does cop
Struggle. Is putting short sell in the mix. It is 7 00 a. M. , bright and early. It is 12 00 noon in hong kong. We look at markets this monday. We have seen better start to the week. Have a look at my bloomberg. Obviously japan is getting hit the most. We just talked about the yen pushing toward 110. Youre getting a lot of equity indices getting offered up. 1. 4 . The losses seem to be Getting Better if you could describe them that way. Have a look at the currency that is the market story today. Dollars off substantially. Randy was up. Up. Ingo is there also getting a selloff of commodity space over in china. The only one up over the 1256. Ity space, 1 up at let me wrap things up at a look at the bloomberg dollar index. 200 on the below dollar index. Does this give us a preview of things to come when it comes to the lawson momentum loss in the momentum . That is one element of the story in terms of reversal of gains. The other reversal we have seen in the oil markets. We were 20 up aft