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Q2 Outlook 2019
Video length: 2 minutes
Quarterly Outlook

Q2 Outlook: Commodities power ahead

Ole Hansen
Head of Commodity Strategy

Summary:  Commodities have cast off the caution that defined the start of this year and powered to strong collective gains, led by energy and industrial metals. As we enter the second quarter the mood is still good, with crude oil riding atop a wave of price-supportive supply news, gold encouraged by a dovish Fed and copper pinning its hopes on a US-China trade détente.

The commodity sector delivered a surprisingly strong return during the first quarter of 2019 with the Bloomberg Commodity Index trading higher by 9%. This remarkable development relates to the fact that the rise was led by growth-dependent commodities such as energy (+17%) and industrial metals (+12.5%).

Markets, including commodities, began the year on the defensive with growth concerns and US Federal Reserve-led liquidity tightening raising concerns about the prospects for 2019. 

Quarterly Outlook Q2 2022: The End Game has arrived

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    Shocks from covid and the war in Ukraine have forced the global financial and political world to change, but what will the end game be?
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  • Productivity and innovation have never been more important

    As the world economy hits physical limits and central banks tighten their belts, could equities be facing a 10-15% downside?
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  • The great EUR recovery and the difficulty of trading it

    If the terrible fog of war hopefully lifts soon, the conditions are promising for the euro to reprice significantly higher.
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  • Tight commodity markets – turbocharged by war and sanctions

    With supply already tight, commodities keep powering on. But will it last for yet another quarter?
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  • Between a rock and a hard place

    Geopolitical concerns will add upward price pressures and fears of slower growth, while volatility will remain elevated.
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  • The Great Erosion

    Inflation is everywhere and central banks try to combat it. But will they get it under control in time?
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  • Australian investing: Six considerations amid triple Rs: rising rates, record inflation and likely recession

    While global financial markets are struggling in an uncertain world, the commodity-heavy Australian ASX index is poised to keep a positive momentum.
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  • Cybersecurity – the rush to catch up with reality

    With the invasion of Ukraine, governments and private companies are rushing to reinforce their cyber defenses.
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