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Markets unnerved by trade war escalation

Commodities
Ole Hansen
Ole Hansen

Head of Commodity Strategy

Financial markets are growing increasingly nervous ahead of Thursday, when President Trump is expected to slap another round of punitive tariffs on Chinese imports. The dollar is seeing some broad-based gains while stocks are trading lower.

The reaction in commodities has been broadly negative with crude oil and products being the noticeable exception as momentum buyers respond to Iran supply risks and Tropical Storm Gordon currently moving through the Gulf of Mexico. 

Bloomberg commodities index
Source: Bloomberg, Saxo Bank
Precious and industrial metals have been hit by this renewed focus on the trade war, which carries a risk to future growth and demand.

Copper is currently trading down on the day by 2.5% and silver has hit a 2-1/2 year low against the dollar and a near 10-year low against gold on its link to industrial metals.
Commodities
Source: Saxo Bank

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