Here
are the links to the weekly roundups, reviews and also previews of the
beginning week. Last week's 'Support' here.
This post will be updated as new material is published.
Previously
on MoreLiver’s:
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LAST WEEK
Blood
On The Streets Of Europe - Stocks Crash By Most In 4 Years, Bond Risk Surges
NEXT WEEK
US
Schedule for Week – Calculated Risk
Emerging
market worries prompt selloff, but bulls remain
Weighing the Week
Ahead
– A
Dash of Insight
Is
the market decline the start of something big?
Next
week offers little data from the US, so the focus will be on the Fed’s Jackson
Hole conference. In the Euro area, with inflation so close to zero and several
worrying signs from the world economy, next week’s data will be interesting.
Also, next week’s events include GDP from the UK, Swedish retail sales and a
wide range of events from Norway.
EM
turmoil is a real cause for concern. The scale of the crisis is wider than the
EM scares we had in 2013 and 2014. Falling commodity prices, Chinese
depreciation and weaker EM growth are additional problems in the current
perfect EM storm
In
the US we now believe that the stress in emerging markets will be enough for
the
Fed
to postpone its first rate hike from September to December. Next week the
FOMC
members will have the opportunity to communicate their views in connection
with
the Jackson Hole central bank conference * In China more monetary easing
appears imminent but the People’s Bank of China’s ability to keep the exchange
rate in a tight grip could also be questioned * Resilient German manufacturing
PMI suggests that next week’s ifo will show an improvement and that the
spill-over from the EM turmoil so far has been modest.
China’s
industrial sector is still slowing, but help is at hand: monetary conditions
are easing and further stimulus looks likely sooner rather than later * China
and the Fed continue to cast a shadow over emerging markets and commodities * The
Fed looks to be still on track to raise interest rates in September, though
China worries and market volatility have made investors sceptical * The
eurozone economy is on the path of steady recovery, with the composite PMI
rising in August * Greece is set for new elections next month, creating
uncertainty.
Short
Squeeze Lifts Euro and Yen, More to Come?
Weekly Market
Summary
– The
Fat Pitch
Strong
downward momentum usually has follow through. US indices are mostly within a
few percent of significant support levels. The selling this week registered
noteworthy extremes in breadth, volatility and sentiment. Friday probably will
not mark the low, but risk/reward over the next month looks favorable.