That’s why they are now moving en masse to India. With one of the fastest growth rates of any economy, the number of newly minted aspirational consumers is growing quickly. They need a consumer base because China is no longer delivering growth rates of the past.

Generally, the long-end pre-empts easing at the short end. In other words, the 10-year peaks before the 3-month. Then the 3-month collapses as interest rates are cut and the curve steepens into sharply positive territory.

That pattern of behaviour is putting downward pressure on the very short-end of the curve while the long-end is still trending higher. The net result is the 10-year – 3-month yield curve spread is now recovering from deeply inverted territory.

To avoid the middle-income trap, they had to greatly enhance productivity. There is no doubt some progress was made on that front, but total debt in the economy has tripled from $17 trillion to $51 trillion. They doubled down on infrastructure and property despite the falling rate of return.

The credit impulse was highly cyclical over the last decade and granted investors some confidence that China’s willingness to provide successive rounds of assistance was a permanent condition. That is no longer true. The measure has been inert for almost two years. It’s a clear confirmation of the piecemeal approaching stimulus.

Insecurity of supply from Russia has already been priced into the market with the result that European countries are importing more diesel from both the USA and Middle East.

The primary reason for pursuing this question was to highlight many companies are growing dividends at a rate higher than 10% on a rolling 3-year basis. That helps to emphasise dividend growth is not some passing fad but has become part of the corporate culture.

To compile the list I screened for companies with a market cap greater than $1 billion, 3-year average dividend growth of greater than 10% and positive performance year to date. 270 stocks fit those criteria and several are household name brands.

The additional reason for considering dividend growth is it is generally viewed as a bulwark against the prospect of higher benchmark interest rates. Dividend growth at a rate quicker than the pace with which a central bank is hiking rates is about the best defense investors have against both inflation and the efforts to contain it. That’s one of the primary reasons defense shares are among the last to peak in a bull market.

Artificial intelligence is helping to greatly speed up the pace of discovery. It is not full proof but nothing in science is. The benefit comes from rapid computer modelling, prototyping testing. There are large databases of chemicals that results can be compared against. The scope of research stretches across the entire chemical spectrum from energy to medicine and materials science.

Gold fails to hold intraday strength on rising yields in the aftermath of the Fed press conference. A breakout is unlikely until the trend of rates turns.

Chairman Powell referred to progress in the unemployment statistics even though the headline figure has not moved much. In fact unemployment made a new recovery high at the last reading so upside follow through would represent a breakout.

The first is economic. Right now, Taiwan is a geopolitical jewel because of the strength of the semiconductor sector and the local ecosystem that supports it. However, the semiconductor sector has always been cyclical, capital intensive and low margin. That’s why companies were willing to stop competing for the prize of being the most efficient.

So, we find ourselves with a bifurcated options market. Roughly half the volume is concentrated in ultra-short-term expirations, meaning that VIX is calculated from a subset of the other half of the options universe. But that hardly means that VIX is broken. In fact, by removing much of the speculative activity one might assert that it has become more accurate and specialized. Those who trade VIX and the specific options upon which it is based haven’t gone anywhere. They remain active and laser-focused upon the relevant products. Just like everyone else, these traders might be right or wrong over time, but they suddenly haven’t gotten dumber.

The one argument that seems to hold water is that on down days we find more hedgers moving into shorter-term options than before. There is indeed improved liquidity in those options, and in a market where crises have once again become short-lived, they can indeed offer less expensive protection. But those who seek portfolio protection over the longer term and for larger sizes have no obvious reason to migrate away from VIX.

China has more steel production capacity than the rest of the world combined. Maybe they will repurpose that into production of military equipment which would support iron-ore demand.

The fact the ECB is still running negative real rates suggests the threat of a wage/price spiral remains credible. Against a background of rising oil prices and uncertainty of supply, monetary officials probably believe they don’t have much choice.

Latin American countries have been among the most aggressive in raising rates to combat inflation. Mexico has held its rate at 11.2% since March and is likely to begin cutting before long as inflationary pressures moderate. The CPI rate has fallen from 8.7% to 4.6% so the positive real rate has continued to improve. When that spread reverses, it will remove one of the tailwinds for the currency.

The environmental and safety argument is easily addressed through multiple studies that highlight how safe nuclear power plants are. The challenge is most existing reactors were designed with nuclear bombs in mind. The risk of proliferation twinned with safety scare mongering has been enough to sour the sector in the minds of consumers.

An inverted yield curve is a particular challenge because the sector’s basic business model is to borrow short-term to lend long term. When that happens, they need alternative business models to supplement income and thriving is more difficult. That’s why the performance of banks around the world at present is such an interesting development.
The Nasdaq Global Bank Index has held a sequence of higher reaction lows since late last year and is now firming from the region of the 200-day MA. Long-term it has been forming a base for the last 15-years. A sustained move above 1000 will be required to confirm a return to demand dominance beyond 18-month bouts of enthusiasm that do not translate into long-term uptrends.

At present, OPEC is intentionally restricting supply with the intention of supporting prices. It is working. Non-OPEC supply is not increasing quickly despite high prices.

In the early 2000s credit derivatives were a new product and securitisation was not well understood. That allowed leverage to reach dizzying heights. It was not until the global financial crisis that the risk inherent in these structures became obvious. The focus of subsequent regulation focused on ensuring banks would not be able to take those kinds of risks again.

The challenge for new energy companies is they come with an implied risk premium. The technology is unproven, longevity is questionable, and the competitiveness of supply is subject to political whim. That implies an interest rate sensitivity that is underappreciated by most investors.

Illumina is a highly cyclical company. Every time they have released a new machine in the past, sales have boomed and the share took a leap higher. It has then tended to range in a volatile manner until their next new machine is released. Illumina’s machines have been instrumental in compressing the cost of genetic sequencing from thousands to hundreds of dollars.

Speculation around whether Russia is willing to give North Korea advanced missile technology may already be moot. The country tested ICBCs inJulywith a capability of reaching the USA, so this is not news.

That also helps to explain why Saudi Arabia is exploring the sale of an additional$50 billion stake in Saudi Aramco. They would sell at a high price when demand is still strong rather than wait and risk battery technology makes a major leap forward at some point in the next decade.

As the physical limits of silicon are approached, the difficulty of cooling a chip becomes exponentially more difficult. A silicon atom has a diameter of around 0.2nm, so transistors with a diameter of 3nm are already very close to the physical limits of the atom. This has created a bottleneck in chip innovation because totally new technology will be required to deliver fresh innovation.

The reason new computers come with both a CPU (central processing unit) and GPU (graphics processing unit) reflects that bottleneck. Nvidia’s success is based on providing chips designed specifically for a dedicated task. That limits potential but maxes out utility for that single use case. The model works well because most chips are only used for a small number of similar functions.

Developing countries have no time for handwringing. They have large young populations demanding improved living standards now. Moreover, European, and North American consumers are in no mood to write cheques, when their own living standards are declining and public services are under pressure.

The challenge for the lithium sector is there has been a significant mismatch between supply and demand over the last decade. The first wave of new vehicles surprised miners. The surge of new supply outstripped demand for EVs. Then the surge of demand during the pandemic surprised miners. Now, China’s slow recovery has resulted in demand undershooting expectations. The result has been incredible volatility in lithium prices.

The Solactive Metaverse Select Index peaked in early 2022 and found a medium-term low at the end of the year. Since then, it has held a sequence of higher reaction lows and is currently firming from the region of the 200-day MA.

Europe not only needs to boost defense spending but border security is going to be a related urgent concern. The necessity of boosting defense outlays is undeniable even as finding money for it is challenging.

Living inside the congestion zone was a stressful experience. I found it difficult to figure out when I was about to cross a toll barrier. I was unfamiliar with driving in the city and its one-way systems even though I had been living in London for five years at the time. I expect many people living in the new, expanded low emissions zones will have a similar experience. I felt like I was being robbed every time I sat in my car.

“It is sobering to recall that the shape of the past decade’s inflation curve almost perfectly shadows its path from 1966 to 1976 before it accelerated in the late 1970s.”

If deleveraging is performed flawlessly, the process could take a decade or longer of subpar growth. The importance of construction and property to the economy will need to shrink. That represents an existential threat to the global commodity sector which depends on Chinese demand growth to support production aspirations.

However, the medium-term challenge is GDP Now is at 5.75%, unemployment is still very low and inflationary pressures are still well above target. There is not much to stop the Fed from continuing to raise rates.

The closing of the gold window in 1971 temporarily got the inflation issue under control but the demise of the Dollar was one of the primary causes of the oil embargo. Inflation came roaring back, and it was a decade before the rate dropped back below 6%.

Until now, the difference between spending and revenue raising, via debt, has been met with cash pulled from other areas of the government. That is now reaching its conclusion, so debt issuance has to increase to bridge the gap in funding. That siphons money out of the banking system and further tightens liquidity.

This kind of statistic is akin to the fact you are more likely to be killed crossing the road than in a plane crash. The simple fact is we are less intimidated by the familiar. If we have the will to change, it will happen. The primary question is as a society do we want to talk about decarbonizing, or do we want to do something about it?

The Fed’s balance sheet continues to contract and moved to new reaction lows a month ago. The process is slow relative to the accumulation phase between the low in 2019 and the peak in 2022 and it will continue until deflationary forces replace inflationary fears.

Meanwhile, non-OPEC investment in additional supply has been meagre over the last several years. Companies have been cautious about announcing production investment because of the potential for backlash from the media. That changed over the last several months with both BP and Shell announcing more investment but that takes time to come to fruition.

There are several conflicting themes emerging for the remainder of the 2020s. Debt will be a big one because the secular trend of total return on bonds has been broken. The dalliance with modern monetary theory was the last hurrah for unbridled money printing. From here on out central bankers are likely to be a lot more cautious because an inflationary mindset is a very difficult psychological trend to break.

Energy is the most vital sector in the world and comes with vested interests we are only partially aware of. The trend of investment in renewable energy is still alive and well. Just yesterday Germany announced anotherinvestment package. The €58 billion will focus on retrofitting buildings to be more energy efficient as well as new construction, investment in new green energy projects (€12 billion) and additional money for building semiconductor factories.

The biggest challenge for nuclear energy is large political parties have made their opposition to the technology a part of their manifesto and that has been the case for decades. To turn that around both sides of the political divide will need to agree on the solution.

Before digging into the weeds, there is an important question to answer. Can you have a secular bull market without an industrial revolution? Of course the answer is yes. Industrial revolutions evolve over decades and can last a century. In that time there will be several long-term bull and bear market cycles through various asset classes.

For example, the evolution of China’s economy over the last 30 years was about the adoption of capitalistic economic policies and harnessing the labour of a billion people. That was a political decision to deploy lessons already learned elsewhere rather than new thinking. Secular bull markets in commodities develop because demand leaps higher before supply can adjust.

Since several Latin American countries were both early and aggressive in their efforts to tame inflation. The trajectory of their policy offers a picture of what we can expect from countries that were slower to act.

At the same time, the ECB is no longer paying interest on the minimum reserves banks are required to hold. That’s a slug of capital banks will no longer receive interest on. It amounts to a loss of €200 million for Deutsche Bank alone and €6 billion for the wider sector.

The challenge in the age of social media is there is a vocal minority who are motivated by the desire to be as contentious as possible. Companies are finally beginning to realise the loudest part of the mob does not reflect the majority of consumers. In their desire to appeal to the mob on social media they hopefully temporarily forgot who their customers are. It unfortunately has taken some high profile boycotts to get the attention of company boards.

Meanwhile, investors are much more concerned these days with governance than environmental metrics. The way to get investors on board is to appeal to their desire to boost returns. Expanding markets lead to expanding earnings. If the range and prevalence of insects is growing that’s an investment opportunity.

The Illegal Migration Act of 2023 was announced a couple of days ago and introduced today. It is a bald attempt to court the affections of the converts to the Conservative Party as both parties prepare for an election next year.

It’s a sorry reflection of the state of public infrastructure when the services provided by miners are the gold standard. The inability of the state to sustain public infrastructure raises the possibility that private installations will be appropriated and/or that taxes will be raised to close funding gaps.

Providing essay answers is a useful if questionable use case. The challenge is if the short form responses required by most people have to be carefully proofread, wouldn’t be easier to write them oneself? The efforts of media organizations to fire their workforces have been publicly outed as being very error prone. Wouldn’t it be better to encourage employees to deploy AI where possible so they can enhance their productivity where possible?

My grandmother stopped taking her blood pressure medication, as soon as she felt her mind go. She was a proud woman and decided to let nature take its course rather than be doomed to an uncertain existence as a vegetable.

It stands to reason that anyone who has witnessed how Alzheimer’s steals pieces of the mind in a relentless manner, will be in the market for anything that might slow the disease’s progression.

Since the disruption of war in Ukraine, most of the large oil and gas companies have walked back their commitments to decarbonize on practical grounds. Instead, they are boosting investment and those are decade-long plans. The fact Shell is talking about selling a stake in its renewable power venture on the same day that Exxon is buying a carbon dioxide pipeline is a clear indication of the direction the energy sector is taking.

Jerome Powell has stated he is focusing on the core services less housing figure. That has been steady around 4.5% since August 2022 and is the primary data point suggesting inflation is sticky. Nevertheless, traders are betting the July hike will be the last in this cycle.

For India a normal monsoon is generally considered good news. There will always be some untoward damage from excessive rains but reduced rainfall would be a much bigger issue. India still has a large number of people working on farms and with such a large population the price of food tends to play an important role in driving inflationary trends.

Conditions need to deteriorate before they are reflected in corporate hiring decisions. The job openings report was designed in the hope of creating a leading indicator. The facts on the ground are companies leave job advertisements open even if they have no intention of hiring immediately.

Additionally, the question of intentionality in an AI system implies desire in a manner similar to how humans describe that term. Anthropomorphization of computer systems should really be confined to science fiction.

When the FANGMAN acronym was first created it did not include Tesla. Then Tesla became so significant it was added in. Now Netflix has failed to keep pace with the appreciation in the fortunes of the largest companies so the group is back to seven constituents. That reordered group now occupies more than half the Nasdaq-100.

A lot has to go right for companies to be granted high valuations. It’s not only a story, but there also has to be a fundamental basis too. For Apple, navigating the Chinese market, where they manufacture and sell without falling foul of the government censor is one of the most significant diplomatic success stories in history. For Microsoft, the embrace of subscriptions was a landmark event. Amazon’s foresight in dominating the datacentre market and disintermediating the reseller market were equally impressive. Tesla has mastered the art of regulatory arbitrage. Carbon taxes its competitors buy, help pay for the company’s factories.

AI can compose music, compile art and write academic papers. It can also write business emails and respond convincingly to subjective questions. These are inspiring qualities and form the basis for the expected productivity gains being priced into the stock market.

However, that is occurring following an historic surge. Valuations were flattered by that surge and the largest companies have not yet seen any evidence of a reality check.

Velocity of Money has turned upwards which is consistent with an inflationary bias as consumers accelerate buying decisions. The figures are reported quarterly with a one quarter lag so the data reported at the end of Q1 looks at Q4 2022. The simplest logic is the Fed has to continue to reduce the volume of cash available as the velocity of money rises. To combat inflation it will have to remove it faster than velocity is rising.

China had what India did not and vice versa. China excelled at infrastructure development, commodity refining and manufacturing. India had a large domestic consumer market and highly developed value-added services businesses to cater to demand for offshoring.

It’s an inconvenience to cancel plans to go outdoors, but when the air is that bad it is really better to stay inside with an air purifier or at least having the air conditioning on. Having a good quality mask on when going outside is a very good idea.

I can only speak for myself but using the Oculus Quest gives me eye strain after half an hour and it takes about 3 hours to subside. Repeated use in 24 hours gives me eye strain for several days. Additionally, playing Beat Saber or boxing games is fun but the headset is also sweaty and that makes taking turns with family or friends unappealing.

Some of the topics discussed include: oil prices breaking lower, China growth prospects in question, AI stocks overbought and at risk of reversion, gold rebounds on debt ceiling deal, Treasuries rebound on slowing growth.

The advent of advanced large language models means computer programs can scour Twitter for titbits and write journalistic synopses just like most journalists. Several services like Buzzfeed and CNET have tried and failed to use AI for unsupervised article writing.

The creators of the add-on network obviously did not rely on their experience of meme popularity to build sufficient capacity. One of the biggest challenges to the claim bitcoin will eventually be a major vehicle of exchange is the inadequacy of the network capacity. The Lightning network was hailed as a solution to that problem and it is obviously not working.

At the time there was a lot of talk about platinum miners investing in their own generating capacity. The subsequent crash meant very few completed that work. The big decline in platinum prices following the diesel cheating scandal drove several platinum miners into bankruptcy. The recent issues with Eskom have revitalized talk of building solar and wind farms so operations can be independent of the utility.

With that as a background, the law of jungle is clearly in effect. Microsoft is in full move “fast and break things” mode. Other companies are playing catch up and some are trying to be measured in how they consider ethics and bias. There is a widespread acceptance that the sector would not exist without Meta’s decision several years ago to open source its data.

I see four scenarios:

That’s lost when families are smaller and older generations are dispersed. In fact, the fewer children a family has the higher the cost because hopes for the future are poured into enhancing that child’s competitive edge. That can involve paying for tutors, sports, music, schools, better neighbourhoods etc.

This news struck me as interesting because it follows hot on the heels of Piguet Ademar’s issuing a replacement guarantee on any high end watches bought over the last couple of years. The threat of theft has growth so high it is impacting sales of their timepieces.

Here is a link to the FT’s information page for the fund. The basic premise is to hold 100 of the 169 Autonomies on an equal weighted basis. Reweights are every quarter. Favour is given to oversold positions relative to the MA and overbought positions are downsized at the reweighting.

The fintech sector is attempting to carve a piece out of traditional banking operations by going online and direct to consumer via mobile apps. Companies like Block and PayPal avoid banking regulation but offer credit services in the same ways as credit card companies.

The cryptocurrency sector is primarily aimed at further disrupting the payments and international transfer market.

Private lending and private equity more generally thrived in a falling interest rate environment because asset prices of all varieties rose. Active markets were created in everything from businesses to fine wine and whiskey.

2. The shale revolution would allow the USA to become energy independent and a lengthy contraction in energy prices would boost demand and economic potential.

3. The march of technological innovation would create efficiencies that drive profitability for both creators and consumers.

4. The best hedge against inflation is companies that have growing business and solid competitive edges.

The list of Autonomies was compiled with these characteristics in mind and picked only the most attractive companies from each sector that offered exposure to these themes. In many respects it is a list compiled of oligarchies which dominate specific niche businesses.

Let’s consider the main questions everyone is considering today.

Most banks are not in that business line, but several pension funds are among the investors in the company. The extent to which other pensions have unrealised losses in venture/startup investments is where the risk of contagion is concentrated. In a crisis, you sell what you can, not what you wish.

The challenge of investing in defense stocks is the sector went through a lengthy process of consolidation as budgets were cut following the fall of the USSR. For example, the UK armoury where munitions are manufactured is owned by BAE Systems and it represents a negligible portion of earnings.

One of the biggest bugbears drivers have with Tesla is the low build quality. When the driving wheel falls off in the middle of the journey, it is reasonable to assume one’s perception of the value of the vehicle declines.

I was thinking about that this morning as I contemplated the Perth mint’s fraud. History is replete with examples of governments who have attempted to cover over holes in the budget by debasing the currency. This is not quite the same because the mint does not produce coinage. The difference is academic for Chinese buyers who prize purity.

Those making money believe they have invented a better mouse trap. Those who are outside the new market believe it is too good to be true and therefore dangerous.

We use KakaoTalk for fencing, Groupme for rowing, TeamSnap for tennis, my siblings recently began connecting on a WhatsApp group, meetings take place on Microsoft Teams, RingCentral or Zoom. Paying people takes place on Venmo or Zelle.

Geoffrey West’s book Scale makes much the same point. His point is the heat build-up in a closed system is finite and will ultimately result in a significant upset. Both could be considered paradigm shifts in that it would be a virtually instant change in the environment. That is also implied in the desire to contain temperature rises to 1.5%. The assumption is a warming beyond that level would be catastrophic.

I am very much of the view that trying to completely reorient the entire global economy in new and exciting ways in an unproven manner is very risky and not guaranteed to provides the solution desired.

Tencent is a mobile games company it is also a social media venue, payments app, ride hailing, and advertising business too. Alibaba is an ecommerce business but also has significant payments and investments in ride hailing and food delivery. JD.com is an ecommerce business, Pinduoduo is also an ecommerce business but focuses on smaller cities. Meituan is a social media, reviews and food delivery company.

They all compete with one another for market share with Alibaba and Tencent owning pieces of several smaller companies. This kind of competition is expensive.

Perhaps more importantly, if this claim were true, it would result in a major breakdown in the NATO alliance. Cutting off the import capabilities of a major ally is an act of war against Germany, not just Russia.

It is risible to think Germany would knowingly accept the cost of dealing with this condition. The country had to spend$83.3 billion on energy subsidiesin 2022. To think any country would accept a threat to their sovereignty like that stretches credulity to breaking.

I am a strong advocate for freedom of speech. However, that is married with the freedom to question and particularly so when there is no supporting evidence in the reactions of interested counterparties.

Some of the biggest movers in the US market since the beginning of January have been the eight mega-cap household names stocks. Tesla and Nvidia rebounded impressively while Alphabet has been a clear laggard and all largely because of enthusiasm about the promise of AI.

The easiest way to slim down the list would be to create a section in your Favourites. Then you can use the Performance Filter to rank them by performance intervals. Here is a video detailing how to do that.

That negative outlook was priced in over the last four months as Apple declined back to test the region of the 1000-dat MA. Investors are now pricing in the potential that future sales will return to the outsized growth. I remain sceptical that will be the case but a clear downward dynamic will be required to check momentum beyond a pause to unwind the short-term overbought condition.

Worse, it is not even clear that there is any upside to this approach. In fact, raising interest rates could do more harm than good, by making it more expensive for firms to invest in solutions to the current supply constraints. The US Federal Reserve’s monetary-policy tightening has alreadycurtailed housing construction, even though more supply is precisely what is needed to bring down one of the biggest sources of inflation: housing costs.

Moreover, many price-setters in the housing market may now pass the higher costs of doing business on to renters. And in retail and other markets more broadly, higher interest rates can actually induce price increases as the higher interest rates induce businesses to write down the future value of lost customers relative to the benefits today of higher prices.

To be sure, a deep recession would tame inflation. But why would we invite that? Fed Chair Jerome Powell and his colleagues seem to relish cheering against the economy. Meanwhile, their friends in commercial banking are making out like bandits now that the Fed is paying4.4% intereston more than $3 trillion of bank reserve balances – yielding a tidy return of more than $130 billion per year.

The assumption the passthrough mechanism from costs to rents is seamless is a big leap. Without a healthy economy that delivers wage growth, rental yields increase through lower purchase prices. This article describing how robo-purchases by institutional investors in property have gone wrong, particularly Opendoor, may also be of interest.

Cloud computing is not about to disappear but the days of every cloud company doing well are over. There is not clear scope for consolidation and middle market players will either be acquired or out competed over the coming couple of years.

I remember when we got broadband internet at home in the mid ‘90s. I decided at that time I was going to go to London when I finished college and find a job I could do from anywhere. Many people came to the same conclusion during the pandemic and that is shifting the relevance of economic metrics.

Buzzwords like indigenous rights, climate activism, environmental laws, water use, remediation, road congestion and social services funding all represent themes for protestors.

The Arab Spring shook up the Middle East more than a decade ago and resulted in significant turmoil. It now appears that the policy suite developed in response to those events has matured. Large young populations need to be offered a route to a productive life or rebellion is inevitable.

The Tea Party movement gained traction in the aftermath of the credit crisis. They eventually gained enough sway over the Republican Party to force fiscal constraints onto the 2ndObama administration. The Freedom caucus has given us a sneak peak at the trajectory of budget negotiations in the concessions they squeezed out of Keven McCarthy.

The thing to remember about rare earth minerals is they are not particularly rare. The reason China dominates the mining and processing of these metals is because they are so often found in close proximity to radioactive elements. Processing is both dirty and creates harmful byproducts so many countries were only too happy for China to take over production.

Some of the topics discussed include: VIX pops on the upside even though the US market is closed, short-term oversold Dollar means rebounds are at risk of consolidation, China rebound continues.

In speaking with the junior minister for investment, the decision to give opportunities to young people is very intentional. They know the only way to achieve the progress they need is through harnessing the productive capacity and thirst for invention of the young.

It’s incredibly refreshing to meet so many tenacious young people with ambitious dreams for the future. The fact they have a route to achieve their goals is even better.

Some of the topics discussed include: bonds yields contract, stocks rebound, crude oil rebounds, Egypt pound floats.

Some of the topics discussed include: bonds yields contract, stocks rebound, crude oil rebounds, Egypt pound floats.

Here are some alternative surprises:

IG Index has by far the largest breadth of instruments. However, they also widen spreads in thin overnight trading. That means when the price is trading close to your stop at the end of trading, there is a strong likelihood it will be triggered in the overnight session.

CMC Markets on the other hand does not have as wide a selection, but it does not tinker with spreads in the overnight session.

The choice of which you use will be influenced by the type of trader you are. I customarily do not use stops until I have a profit I want to protect.

My dilemma is I have over 3200 videos sitting on the platform and do not wish to pay for two services just so I don’t lose my archive. Nevertheless, in the interest of ensuring subscribers have access to the full content of the Service I will switch to YouTube for the time being.

That forced conservative investors, like pensions, endowments and regular consumers into much riskier assets. Performance in the fixed income markets was driven by price momentum rather than yield which left the sector exposed to the current round of interest rate hikes.

Europe relied on Russia to supply much of its energy and much of the money spent on imports was recycled through European countries. That is over. Europe now needs to mirror the USA’s success in becoming energy-independent.

Meanwhile the 5 tons of silver required for the ITER experiment suggests a new source of demand for the metal in future designs too.

Here is a section oil declines, gold and sliver steady, dollar eases, stocks steadty, China coronavirus cases rising.