Highlights Chart of the WeekChina Developments Significant##BR##To Base Metal Prices Reading the tea leaves following China's 19th National Communist Party Congress suggests a looming shift in President Xi Jinping's second…
Highlights The synchronized upturn lifting global GDPs will pull demand for stainless steel higher, as consumers increase purchases of autos, ovens, refrigerators, freezers and other household durables. That's good news for nickel,…
Highlights The macro environment remains positive for risk assets. Nonetheless, the shadow of the '87 stock market crash is a reminder that major market corrections can occur even when the earnings and economic growth backdrop is…
Feature The Brazilian economy is finally improving following a devastating depression of about 3 years, where real GDP dropped by a whopping 7.4%. Does the current economic revival warrant a bullish stance on its financial markets?…
Highlights Chinese monetary conditions have tightened on the margin, but have remained fairly stimulative compared with previous years, likely the key reason why overall growth has remained reasonably robust. Listed Chinese firms…
Highlights Beijing's continued focus on reducing excess industrial capacity in the lead-up to the 19th National Congress of the Communist Party will keep iron ore and steel markets buoyant for the balance of the year. The trajectory…
Highlights Industrial metals prices are signaling that China's business conditions are presently robust, but they lag the credit and money measures. The most reliable leading (forward looking) indicators of Chinese business cycle…
Feature Shrugging Off The Political Noise All the political noise of August (White House resignations, Charlottesville, North Korean missile launches, the looming U.S. debt ceiling) could do no more than trigger a minor market wobble: at…
Highlights Copper's impressive rally leaves prices out in front of fundamentals. We are expecting a correction going forward, given our view that reduced mine output results from transitory disruptions, and China's growth appears…