Market Talk – October 29, 2015
Commodities had a fairly dull day today with oil only marginally firmer at $46.10 (TWI). Gold, on the other hand, was not the flavor of the day, rejecting all attempts to rally earlier in the day and was last seen trading $1146.
Bonds on both sides of the Atlantic were weak with U.S. 10s losing 8bp and bunds 9bp. US 10s have had problems with the psychological 2% barrier for a while now and still remains on elusive ground. The spread TY/RX closed this evening at +160bp. The curve steepened in the sell-off with 2/10 closing +143bp and 10/30’s at +80bp (that puts 30’s around the 2.95%).
The euro recovered a little of yesterday’s loss (last seen at 1.0978), as did GBP. These gains managed to turn the DXY negative on the day -0.5% at 97.35.
We heard a lot of talk today of the Philips Curve (measuring employment with inflation) and whether the Fed is actually looking at domestic or indeed international matters. One dealer concerned with the Fed has been referring more to markets more than domestic data!
Nigel Farage Compares EU to Former USSR
According to Nigel, Portugal’s refusal to allow a democratically
elected party to take office because of their anti-euro views is the
“final straw” for the failed European project. Brussels has turned the
EU into a dictatorship because they reject any process that disagrees
with them. Like all dictators, they argue that they know better and that
the people just do not understand what is good for them.
Indonesia’s Peat Fires Exceed Emissions from the Entire U.S. Economy
Greenhouse gas emissions that are coming out of the peat fires in Borneo and Sumatra
have now exceeded all the emissions from the entire U.S. economy. This
is the latest report from the University of Amsterdam. The greenhouse
issue is not as simple as cars. They also say that those arising from
livestock are 14% and also exceed those created by cars, which is 13%.National Oceanic and Atmospheric Administration Will Not Release Documents To Prove Global Warming
National Oceanic and Atmospheric Administration (NOAA) has been subpoenaed to turn over its documentation to prove global warming, and they are REFUSING to show the data. They are claiming confidentiality when taxpayer money is funding them. How can this be confidential?
Britain Uses Terrorist Law to Seize BBC Journalist’s Laptop
The Terrorism Act in Britain has been used to seize the laptop of a BBC journalist who produced a series of reports on British-born jihadis. As always, police never have any restraint in what they do. They are brain-dead and do not grasp that if they go down this road of grabbing journalists’ computers to see who their contacts are, nobody will ever talk to one again. They are destroying important conduits of information because they cannot see beyond their nose.
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