(RJO grains) Ag markets on defensive today amid news that China cancelled 4 US corn cargoes, Arg rains performing as expected and concern that CFTC report tonight will confirm large managed fund short covering in corn and wheat.
(JPM on macro) Even if the most acute phase of this pullback has passed, significant trauma has been inflicted and it will take time for stability to return. At the least investors will want to see the Jan CPI number (coming up Wed 2/14) before they feel more confident stepping back in on the long side. The Jan CPI is the first in a series of major macro events culminating with the G20 fin min/central banker summit in late Mar (Mar 19-20 in Buenos Aires).
(Reuters) Investors pulled ~$30.6B from equity funds in the week ended Wed according to EPFR data out Thurs night. That is the largest weekly net outflow in more than a decade.
(Bloomberg) — The plunge in global equity markets is casting a shadow on what began as the hottest start to a year for deals since 2000. The next few weeks could determine whether dealmakers get the boom year they were betting on after record stock markets fueled $265 billion in takeovers in January and companies raised $8 billion in U.S. IPOs — the most in at least two decades
(Bloomberg) British Prime Minister Theresa May continues to hold a firm line on Brexit negotiations, telling her negotiating team to never compromise as she seeks a deal with Europe that would allow Britain many of the benefits of membership without the perceived political cost of losing sovereignty.