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Steno Signals #60: Worse than Lehman in China!? The 3 most important questions right now!

Either the commodity market is 100% wrong or else China is amidst a rebound. What does that mean for the hopes of getting inflation back to target? And will it impact the yield curve? Here are the three most important questions for investors right now!
2023-08-13
<a href="https://stenoresearch.com/author/andreas/" target="_self">Andreas Steno</a>

Andreas Steno

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Happy Sunday and Welcome to our weekly flagship editorial.

The markets over the past week or two have made little sense as commodities (especially energy) have continued to outperform risk assets despite China apparently suffering from long-covid symptoms economically. Chinese money and credit trends look worse than US trends post Lehman, which means that either China rebounds or else it is the end of the Chinese economy as we know it!

We have timed our rotation from high-beta tech/AI to Energy/Commodity proxies amazingly well, but we need to remain vigilant at this juncture. What if the Commodity market is wrong?

Let’s have a look at the three most important questions for macro investors right now.

 

Either the commodity market is 100% wrong or else China is amidst a rebound. What does that mean for the hopes of getting inflation back to target? And will it impact the yield curve? Here are the three most important questions for investors right now!

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