Weekly Market Recap – August 16th, 2019

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Weekly Market Recap – August 16th, 2019

In the Markets

Equity markets began the week on a high note as the White House announced plans to delay the 10% tariff on Chinese goods until December 15th, giving investors’ growth concerns a brief reprieve. The dampening of negative market sentiment was short-lived, however, as major indices quickly dipped following concerning economic data from Germany and China. The German GDP shrunk by 0.1% in the second quarter, while Chinese urban unemployment rates reached their highest levels in July since regular data reporting began.

The negative outlook was exacerbated by a brief yield curve inversion as 10-year rates fell below two-year rates for the first time since 2007, and 30-year yields dropped to a record low near 2%. After advancing 0.26% on the week through Tuesday’s close, the S&P experienced a single day dip of 2.93% on Wednesday following the bearish global economic news. The S&P 500 finished the week down a total of 1%, while the Dow Jones slid 1.5% and the NASDAQ lost 0.8%.

Crude oil managed to stop the bleeding this week, posting its first positive week in almost a month. WTI Crude rose 0.68% while Brent futures eked out a 0.19% gain. Heating oil also recorded a minor climb, up 0.27%, but gasoline broke formation, dipping 1.03% on the week. Natural gas managed to post its best week since early July, advancing 3.82%.

Precious metals, with the exception of platinum’s 1.5% decline, posted gains on the week amidst fears of a slowing global economy. Gold rose a single percentage point, silver climbed 1.13%, and palladium increased 1.88%. Copper, despite a minor salve applied to the U.S-China trade conflicts, fell 0.27%.

With the August WASDE report’s release, agricultural commodities posted losses across the board. Lean hogs posted the most precipitous decline, losing 21.5% on the week. Corn and wheat also fell on reports of increased supply, lacking a corresponding demand increase to support prices. Corn fell 9.57% and wheat dropped 5.95%. Soybeans fared slightly better, dropping just 1.62% on the week. Coffee and sugar both fell, down 4.57% and 1.85% respectively, while milk finished about flat, up just 0.06%.

World Cup Trading Championships

As the traders work their way through the second half of the year, Durai Ramasamy continues to hold onto poll position, sitting atop the leaderboard with a net return of 222.8%. Holger Groechel continues his chase from second, ending the week with a net return of 165.8%. Takumaru Sakakibara finished in third with a net return of 130.9%, followed by Fabien Fischer and his net return of 111.8%. Ryan Alderson made an appearance on the leaderboard this week, rounding out the top five with a net return of 72.6%.


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