Daily Financial Markets Chart Wrap

Highlights:

  • Equities continued yesterday’s late-day wrought throughout the Asian session and into Europe
    • US stocks finished up .5%, but another afternoon selloff erased much of an earlier gain
    • Tech was the standout today, followed by Health Care and Industrial as Energy, Telecom, and Utilities brought up the rear
    • Energy’s initial bounce off of the 8/25 low is fading fast and now Tech is the best performer since that important date
    • Europe was better on the day in USD terms and Japan gave back about a third of yesterday’s moonshot
    • EM it was Industrials, Materials and Utilities in the lead with Energy the laggard
    • Developed and Emerging Market Knowledge Leaders outperformed again today, as they have consistently done throughout turbulent markets this year
    • Over the last year Developed World and Emerging Markets Knowledge Leaders have bettered DM and EM stocks by more than 7% each
    • Over the last year, DM stocks are down 6.2% and EM stocks are down 25%
  • Government benchmark bond yields were again flat to higher on the day with the US 10 year backing up 2bps
  • Most currencies were higher against the USD with the Euro gaining about .7% from overnight levels
  • Commodities were flat to higher led by crude

Click here for the full Gavekal Capital Daily Financial Markets Chart Wrap

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