Spreadex Market Update
Concern for China's economy
Concern that China’s economy might slow more than forecast had the effect of subduing buyers of metals and basic material stocks in recent weeks, increasing volatility and soaking up liquidity to markets braced for significant stress should sellers’ fears be realised.
Gold remains in focus as dollar weakness seen yesterday and today fails to lift the precious metal above last week’s highs, adding a little strength to the bears’ case for selling against a potentially unwinding market.
Fixed interest will be of particular interest today in light of investors pushing yields negative on German 6-month notes for the first time in Eurozone history yesterday, as ultra-liquid and short-term government paper illustrates the market’s desperation for a credible safe haven. Bunds remain well bid this morning, yielding 1.85%.
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