Global Markets

The financial markets were significantly choppy this week, as a barrage of macro economic and sector specific data were released from all corners of the world. My opinion is that the market has become overly bombarded with 'data' to the extent that participants can not discern between relevant information and noise.

Understandably, we are living and trading in uncertain times, with the sub prime woes and overall global growth contraction, looming over us. Graph 1 and Graph 2 (graphs provided by Bloomberg) serve as testimony to the volatility we have seen this week. Long or short, the volatility would have triggered a number of stops on trading positions. Thus going into the new week, the House view is dollar neutral. I expect the volatility we have seen this week to persist as we get closer to the end of the reporting season.

Global Markets

After a fairly bullish start to the week, jobless and housing stats sent the Dow Jones Industrials into a slight collapse on Thursday’s trade. Concerns about the aftermath of the Freddie and Fanny fiasco are still weighing on the minds of many investors. A stronger USD came about from Paulson, talking of a bill due to be passed by congress, regarding the aforementioned issue that looks to strengthen confidence. On the back of that announcement, the USD rose 0.2%, breaking through a significant technical barrier of 1.5900 to the EURO.

Global Markets

Sentiment across the global markets was again dampened this week by the persistent rise in the price of black gold. Oil rose once again on the back of a weaker dollar to a record $146.30 per barrel. Supply concerns emerged from Iran to further push the price higher and comments from the OPEC meeting in Spain indicated supply and demand were in balance.

A brief respite was seen across local bourses as investors clung on any positive news that came out of the US. JP Morgan surprised with smaller than predicted losses and jobless claims released on Thursday were better then expected. This, coupled with mega oversold positions of major world indices, prompted a powerful rally on Wednesday with the DOW up almost 300pts.

Global Markets

Sentiment remained volatile ahead of important second quarter earnings out of the US. Stocks advanced earlier this week as a result of a pullback in crude prices and the Fed extending its lending program to financial institutions.This, coupled with a general retrenchment in commodity prices, resulted in a brief rally in equities.

Towards the end of the week, geo-political uncertainty in the Middle East triggered a rally in crude (settling around the $142 level) with the important Straight of Hormuz potentially at threat, this as a result of Iran's aggressive diplomacy (or lack thereof) and its missile testing.

Global Markets

Sentiment across the global markets was again dampened this week by the persistent rise in the price of black gold. Oil rose once again on the back of a weaker dollar to a record $146.30 per barrel. Supply concerns emerged from Iran to further push the price higher and comments from the OPEC meeting in Spain indicated supply and demand were in balance.

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