Podcast: Chinese equities jumps to 2015 levels and gold blast beyond 1,800
Just as we thought risk was headed lower things have reversed across equities with US technology stocks extending momentum and Chinese equities jumping higher again today reaching highest levels since 2015. Gold has staged a strong and convincing breakout of the 1,800 level with lower real yields and rising uncertainty over COVID-19 outlook driving the momentum. EURUSD is also higher with the 1.1400 potentially in sight and especially if we get strong initial jobless claims. Today with Peter Garnry on equities.
Market Quick Take - July 9, 2020
Risk is bouncing back broadly in equities but the real show is in Chinese equities, US technology stocks and then gold which has managed to stage a convincing breakout above 1,800, which will most likely attract trend-following CTA hedge funds adding more fuel to the momentum.
Market Quick Take - July 8, 2020
The equity market is retreating after failing to push higher as nervousness is building over the deteriorating COVID-19 situation in the US with forecasting now suggesting a significant increase in deaths over the coming months. Gold is close to pushing through 1,800 as inflation expectations are rising and oil is following equities lower.