11-29

Bloomberg-

WTI crude oil below $50/barrel., some collapse this month, down 24% in November, the biggest monthly fall since Oct 2008 and fifth biggest since the early 1980s.

Drop it like its Hot!

Oil this morning finding herself with a small Bid as Russia now says they see need to cut production. The same old song and dance prices to high OPEC + tries to jawbone prices lower and vice Versa when they are high. Cl and Brent ~+1% today.Yesterday’s Dovish Powell Speech failed to Push 10 year yield’s below 3%, but this morning’s Release of German State CPI did the trick, Pushing 10 year yields  lower to 2.9952  As bunds caught a bid  10s followed.

 Worldwide Stock markets still living off the Powell Comments. For example, the iShares core MSCI EM ETF saw it biggest ever one day inflows, $1B as a rush back into emerging markets as Less Fed drives flows. Dax trying to hang onto small gains as is Stoxx 50 +.3% as the sugar rush Subsides. Possibility of Trade war worries still hanging over stocks as China’s CSi 300 closed lower 1.3%. President just a few minutes ago said, “Long way to go with tariffs and China” Earlier this morning A Reuters article/headline “Trump-Xi dinner unlikely to end in a joint statement regardless of a breakthrough in talks”. Usual china proxies, Soybeans down .2% and Copper steady. Other base metals though on the Bid lead +1.75%.

  With Dovish fed, Weaker German Inflation Bonds, and Bunds are bid .the latter +35 ticks, Bund yields roughly at a 3 month low.

Trade /tariff Worry Theme so far today

Calendar:

  • 7:30  PCE core
  • 7:30 Chairman Powell makes some opening remarks at fed conference  non event
  • 1:00FOMC minutes  
  • 1:00Federal reserve round table discussion with 5 fed presidents

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