Commodities | Equities | Global
In this report, we standardise price changes across different markets to allow for cross-market comparisons.
Silver outperformed with a 1.8+ standard-deviation jump last week, while iron and soy also performed well. Elsewhere, China yields fell 3.8 standard-deviations while US equities performed poorly. Bitcoin and Ethereum also saw notable moves to the downside.
This article is only available to Macro Hive subscribers. Sign-up to receive world-class macro analysis with a daily curated newsletter, podcast, original content from award-winning researchers, cross market strategy, equity insights, trade ideas, crypto flow frameworks, academic paper summaries, explanation and analysis of market-moving events, community investor chat room, and more.
In this report, we standardise price changes across different markets to allow for cross-market comparisons.
Silver outperformed with a 1.8+ standard-deviation jump last week, while iron and soy also performed well. Elsewhere, China yields fell 3.8 standard-deviations while US equities performed poorly. Bitcoin and Ethereum also saw notable moves to the downside.
Markets that saw 1+ standard-deviation gains last week included:
- Commodities: Silver, iron ore, and soy
- Rates: UK 2-year, and New Zealand 2-year swap
Meanwhile, these markets saw more than 1+ standard-deviation declines:
- Equities: Amazon, S&P500, NASDAQ, Russell 2000, JP Morgan, Facebook, NVIDIA, Alphabet (Google), KOSPI, Microsoft, NIFTY, TSMC, Tesla, DAX, and Alibaba
- Rates: China 2-year, China 10-year, US HY, US b/e inflation, German 2-year, and Euro HY
- FX: GBP/USD, and NZD/USD
- Crypto: Ethereum, and Bitcoin
For this week, we’d watch China rates and silver.
Bilal Hafeez is the CEO and Editor of Macro Hive. He spent over twenty years doing research at big banks – JPMorgan, Deutsche Bank, and Nomura, where he had various “Global Head” roles and did FX, rates and cross-markets research.