During the month of Decemeber, the top 3 performing sectors were: S&P GSCI (6.99%), Livestock (6.73%) and the Metals (5.39%). Commodity markets ended the year strong as hogs 15.16%, soybean oil 13.38% and coffee 9.41% led the way. The bottom 3 sectors were: Interest Rates (-0.79%), Barclays CTA Index (0.03%)…

North America   Q3 US Growth Again Revised Higher (+2.1% versus +1.9%) on higher inventories, with other changes insignificant and offsetting. Payrolls crushed glum predictions, growing at +266,000 for November with a positive revision for October.  The ending of the GM strike (41,300 workers) which depressed last month’s number boosted…

Tangled Trade Tensions    makes headlines but political noise gets in the way of understanding its impact. Per the NY Fed’s blog (libertystreeteconomics.com) on November 25th, import prices on Chinese goods are slightly lower (-2% on average) since the first additional tariffs were imposed in July 2018.  As a reminder,…

During the month of November, the top 3 performing sectors were: Softs (6.39%), Indices (3.88%) and the S&P 500 (3.40%). Equity markets reached all time highs as indices saw continual growth and a slight relief from damaging news. The bottom 3 sectors were: Energies (-2.19%), Metals (-2.10%) and Currencies (-1.53%).…