Per yesterday's message herein, the very recent action in markets has been virtually across-the-board risk-off... Although, while this morning we're once again seeing weakness in the major global equity averages, in commodities (including precious metals), and bigly in bonds, our US healthcare, communications and of course energy (as oil continues its ascent) are offsetting a bit of the pain so far this morning.
Suffice to say, September is thus far fulfilling its historical role as the worst month of the year for markets, reflected in the broader equity averages (such as the S&P 500 equal weight) in particular.
As I type Presidents Trump and Xi are meeting in person... Make no mistake, given the timing, the former is looking to come away with something substantially positive to announce on behalf of markets.
As for the Iran situation, while both sides have engaged in negotiations over the past week, and during the UN session, their respective speeches at said session did anything but assure markets that a deal is close at hand... Although that -- in terms of agreeing to at least a short-term respite -- can change in a heartbeat, as we've experienced.
Today's bottom line is the same as yesterday's, oil's up, yields are up, the dollar's up, and, therefore, most other things are down.
Stay tuned, a lot can and will change very quickly in this environment... Our job on your behalf is to remain laser-focused on the bigger, longer-term picture.
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