Of course not the most volatile last week as noted in this post from sourced from here:
I still say that the most important determinant of the global risk environment is the level of the US dollar so great to read this from Nomura:
Note the mention of protectionism above. Still a big threat in my view and the recent trends have not been good...
And of course the reaction of China is all-important given their important role at the margin in the global economy - and the baiting of them by Donald Trump recently. So this update yesterday from the Chinese President was fascinating:
And have the Chinese started to sell a few bonds? Certainly holding information appears to show this and no doubt this is influencing bond yields...which have been going up (and bond prices going down):
Of course (as per this great chart via @callum_thomas) stronger economic growth conditions is pulling up bond yields too.
Put it all together and I still prefer equities versus bonds for 2017 even if buybacks are slowing...
...and coming back to Donald Trump performance has been historically strong since his election:
In short, I believe it is going to be a more stock-picking market. With markets just fading a bit off highs no surprises that most sectors are heading from 'over bought' to a more 'neutral' positioning:
Let's shift to Europe and good news from the Euro President earlier today regarding Greece:
Let's see if there is a definitive deal. Meanwhile on Russia a variety of opinions EU-wide:
Higher oil prices have helped the Russian economy (and the Ruble) in 2016. And rising optimism in the energy sector apparent in the active oil rig count in the US:
Nice chart via @jsblokland showing that zinc was the best performing commodity in 2016 and cocoa the worst:
Some great thoughts on trends in the art market in 2017 here including:
The online art market is growing at an annual rate of 24 percent and expected to reach $9.58 billion by 2020, according to a report by insurer Hiscox Ltd.
And how about cost of Christmas trends? Well the cost of the 12 days of Christmas has trended up as noted below and here:
And that just leaves me to wish all readers a Merry Christmas!