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Macro

Australia's AAA Rating Looks Safe in Trump Age


Australia is hardly an oasis of tranquility, but it looks good against the turmoil in the world’s major economies.

 

If rabid demand for yesterday’s record $8.5 billion Australian bond issue is any guide, investors have few worries about Canberra’s AAA credit rating.

One can question what those even mean nine years after America’s subprime crisis, when pristinely rated debt issues ended up being festering piles of junk. Nor did a 2011 downgrade to AA+ cost Washington much; U.S. 10-year yields are all of 2.4% even after the “Trump tantrum.” Ten-year yields in Britain are half that despite London losing AAA status after last year’s Brexit vote.

Australian yields, meanwhile, are markedly higher than America’s - 2.83% for 10-year government debt. It means that if you’re looking for a haven among developed economies to ride out the Donald Trump era with some upside, Down Under seems as good a place as any.

Central bank policy is a big consideration. In Washington, Federal Reserve Chair Janet Yellen is clearly biased toward more interest rate hikes. While President Trump may pound the table, Yellen is determined to get quantitative easing as far into the rearview mirror as possible. In Sydney, Reserve Bank of Australia Governor Philip Lowe is unapologetically on hold. Yet, the odds favor the RBA’s next rate move being a cut rather than a tightening.

“To date,” Lowe said Wednesday, “we have been satisfied that the labor market is heading in the right direction, if not as quickly as we’d like.”

The RBA eased twice in 2016 as global headwinds bore down on its $1.7 trillion economy, particularly from China and its all-important demand for commodity exports. Unemployment, meanwhile, has oscillated between 5.6% and 6% over the past year as weakness in mining-centric regions was offset by infrastructure projects and a property boom in eastern cities. This last phenomenon is a key reason why the RBA is holding its benchmark cash rate at 1.5%. Lowe is willing to tolerate soft inflation trends because household debt is at record highs. Why add more air to that bubble?

Still, rate-cut options are there should the Trump White House start a trade war with China. There’s ample fiscal space, too, something that resonates with investors gorging on yesterday’s sale of November 2028 bonds. As markets quake over the fiscal implications of Trump’s plans for massive tax cuts and spending, Australia’s trajectory is for all of $461 billion of government debt by 2020. That’s not nothing. The debt pile - A$600 billion in local currency terms - worries households and opposition lawmakers alike. Considering the U.S. is careening toward $20 trillion, though, Canberra’s challenges are enviable.

Malcolm Turnbull’s government must tread carefully, of course. S&P Global Ratings, which downgraded Washington in 2011, has had a negative outlook on Canberra since July. That means Turnbull’s treasurer, Scott Morrison, must ensure that the next fiscal plan, due in May, details new structural reform efforts that raise potential growth, increase competiveness and wean the economy off Chinese demand. The record high in iron ore futures traded in China could be a good omen in the short run, but the longer-run trajectory is fewer giant iron ore carriers headed for mainland shores.

China’s stock rally, meanwhile, could be an omen of a darker kind. The froth reappearing in Shanghai - the (MCHI) already up 13% this year - suggest bubble troubles in Australia’s most important trading partner. It’s telling, too, that many of the foreign investors who got burnt by Shanghai’s 2015 crash are steering clear. Not that Chinese debt is in better shape. The worst corporate bond rout in a decade has Beijing scrambling to contain systemic risks.

All the more reason for Prime Minister Turnbull’s team to accelerate efforts to diversify the economy with a bigger push into services and empowering startups that create new highly-paying jobs. This effort, which includes infrastructure upgrades, has proceeded slowly, denting Turnbull’s popularity with voters. It’s high time Canberra picked up the pace.

Recent borrowing activity may signal that’s happening. That demand outstripped the amount of debt sold - priced to yield 3.005% - by more than two times signals Australia’s attractiveness among first world economies. U.S. yields are plagued as much by Trump’s fiscal fantasies - growth will soon top 4% and tax cuts pay for themselves - as his Twitterfeed. Tokyo’s debt is hard to come by as the Bank of Japan corners the market and already pushed bond rates as low as they’re likely to go. Europe’s debt perma-crisis is always just one downgrade away from reigniting.

Australia is hardly an oasis of tranquility. China suddenly hitting a wall, for instance, could change the calculus in Canberra rather starkly. So might turmoil in Trump’s Washington that roils the global financial system. But as fiscal risks abound, AAA Australia is looking better and better all the time.

 

William Pesek is Executive Editor of Barron’s Asia. Based in Tokyo, he writes Barron’s Asia’s lead column “Up & Down Asia,” which covers economics, politics, markets and social issues throughout the Asia-Pacific region. He is the author of the 2014 book “Japanization: What the World Can Learn from Japan’s Lost Decades.” Before joining Barron’s, Mr. Pesek was Bloomberg View’s Asia columnist. His columns have appeared in the International Herald Tribune, the Sydney Morning Herald, the New York Post, the Straits Times, and many other publications. Follow him on Twitter @WilliamPesek.

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This article is from Barron's and is being posted with Barron’s permission. The views expressed in this article are solely those of the author and/or Barron's and IB is not endorsing or recommending any investment or trading discussed in the article. This material is for information only and is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad-based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation by IB to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.

 


12415




Macro

Finding Some Political Support


The S&P 500 declined 2.56 points, or 0.1%, on Wednesday.  Naturally, the S&P futures are up three points and are trading 0.1% above fair value as that pullback has the buy-the-dip crowd ready for action.

We are being a bit sarcastic in our view of things, yet the overarching point remains that the stock market continues to be resilient to selling efforts.

The S&P 500 is up 3.7% in February despite a lot of hemming and hawing about political uncertainty here and abroad.  Today, political matters are being pointed to as a source of support on account of two headline drivers:

  1. News from yesterday that Francois Bayrou, a centrist French presidential candidate, will not run and instead will support the candidacy of Emmanuel Macron -- a move that some think lessens the chances of Marine Le Pen, a candidate who would like France to leave the EU, winning the presidency; and
  2. Treasury Secretary Mnuchin hitting the business channels today to highlight efforts at putting together a tax reform plan that, ideally, he would like to see pass before the August recess (although he did concede it was possible passage could slip later into the year)

In his remarks, Mr. Mnuchin has touched on the same ideas/concerns that have been floated for market participants, so there isn't anything entirely "new" in what he is saying, yet throwing out the possibility of passing tax reform before the August recess is a new consideration that will feed the tax reform hope this market has been feeding on since the election.

From that standpoint, the old thought of tax reform continues to have staying power as a source of support that is keeping selling efforts in check.

Another source of support has been the jump in oil prices (+1.8% to $54.57), which has followed on the heels of the American Petroleum Institute reporting a weekly drawdown in both crude and gasoline stockpiles.  The Department of Energy will release its weekly inventory report at 11:00 a.m. ET today, following on the heels of the natural gas inventory report at 10:30 a.m. ET.

The Department of Labor released its weekly initial claims report a short time ago.  It was another encouraging report as it fell in-line with the previous 102 weekly reports showing initial claims below 300,000.

Specifically, initial claims for the week ending February 18 increased 6,000 to 244,000 (Briefing.com consensus 242,000).  That lowered the four-week moving average by 4,000 to 241,000, which is the lowest average since July 21, 1973.  Continuing claims for the week ending February 11 fell by 17,000 to 2.060 million.

The key takeaway from this report is that it covers the period in which the survey for the February Employment Situation report was conducted, and given the low level of claims, it will likely feed a belief that nonfarm payrolls are apt to increase by 200,000+ again.

Another month of strong nonfarm payrolls growth that is joined by a notable pickup in average hourly earnings growth could give the Fed the rationale it needs to raise the fed funds rate at its March meeting.  

The market, though, still doesn't think the Fed will raise rates in March and it probably won't given any stronger consideration to the idea until it sees the whites of the eyes of a strong February employment report.

Dallas Fed President Kaplan (an FOMC voter) will be speaking at 1:00 p.m ET today.

In other developments, Brazil lowered the Selic rate by 75 basis points to 12.25%, the Bank of Korea kept its key policy rate unchanged at 1.25%, and Bundesbank President Weidmann reiterated his support for the ECB to be less accommodative.

There has been a plethora of earnings reports since yesterday's close with Tesla (TSLA), HP (HPQ), and Kohl's (KSS) among the headliners.  For the full rundown of results, be sure to visit Briefing.com's Earnings Results page.

--Patrick J. O'Hare, Briefing.com

Briefing.com subscription services provide streaming market commentary and analysis along with a continuous flow of macro analysis, investing ideas and research reports. Please take a Free Trial of these live services on Interactive Brokers! (IB clients may sign up for a free trial in Account Management.)

This article is from Briefing.com and is being posted with Briefing.com's permission. The views expressed in this article are solely those of the author and/or Briefing.com and IB is not endorsing or recommending any investment or trading discussed in the article. This material is for information only and is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad-based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation by IB to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.


12414




Stocks

The Hammerstone Report - Early Look


Stock futures are flat to up slightly, still showing absolutely no fear, as major averages continue their historic record breaking climb day after day. Improved sentiment, a strong earnings season, optimism related to upcoming announcements on U.S. President Donald Trump's tax and trade policies, and better economic data have all been drivers since the election. The Dow Industrial average posted its 28th record setting close since the election yesterday, with nothing in sight to derail markets at this point, apparently not even a more “hawkish” Fed which has indicated over the last few days that a rate hike in the March meeting is a possibility. In Asian markets, The Nikkei Index slipped -8 points to 19,371, the Shanghai Index dipped -9 point to 3,251 and the Hang Seng Index dropped -87 points to 24,114. In Europe, the German DAX is off a few points, trading just under 12,000, while the FTSE 100 is also down slightly under 7,300.

It was a mixed showing for stocks on Wednesday, as they ended mostly lower, led by declines in energy as oil slipped, but the Dow Industrials posted its ninth straight record high close, the benchmark's longest such streak in 30 years (more stats below). Gains were seen in housing stocks (TOL earnings and better housing data), as well as utilities, materials and tech, but energy weakness was too much to overcome. Stocks slipped after minutes from the Fed's latest policy meeting showed that many FOMC members see a rate hike "fairly soon" if labor market and inflation data were in line with or stronger than their current expectations.

The Dow Jones Industrial Average's rally to a 9th-straight record close helped push its 50-day moving average as far above its 200-day moving average as it has been in nearly 18 years. The 50-day MA rose to 20,017.83, while the 200-day MA rose to 18,703.43. That put the 50-day MA 1,314.40 points above the 200-day MA, the most since June 17, 1999.

Market Closing Prices Yesterday

  • The S&P 500 Index slipped -2.56 points, or 0.11%, to 2,362.82
  • The Dow Jones Industrial Average rose 32.60 points, or 0.16%, to 20,775.60
  • The Nasdaq Composite slid -5.32 points, or 0.09%, to 5,860.63
  • The Russell 2000 Index declined -6.49 points, or 0.46% to 1,403.86
     

Events Calendar for Today

  • 8:30 AM ET          Weekly Jobless Claims…est. 240K
  • 8:30 AM ET          Continuing Claims…est. 2.068M
  • 8:30 AM ET          Chicago Fed Nat Activity Index for January…est. 0.00
  • 8:35 AM ET          Fed’s Lockhart to speak on his 10-year tenure at the Fed
  • 9:00 AM ET          FHFA House Price Index MoM for December…est. 0.5%
  • 9:45 AM ET          Bloomberg Consumer Comfort Index…prior 48.1
  • 10:30 AM ET       Weekly EIA Natural Gas Inventory Data
  • 11:00 AM ET       Weekly DOE Inventory Data
  • 11:00 AM ET       Kansas City Fed Manufacturing Activity, for February…est. 9

 

Earnings Calendar:

  • Earnings Before the Open: AMCX, ANSS, APA, BCS, BSFT, CCOI, CHK, CNK, COMM, CRZO, CSAL, DFT, EME, HEES, HRL, IDCC, IRM, KATE, KSS, LDOS, LXP, MITL, PDCO, PF, SAFM, SERV, SFM, STOR, STWD, TFX, TREE, VALE, VAC, VC, W, ZBRA
  • Earnings After the Close: AAOI, SCIA, AMSWA, BMRN, BNFT, DYN, GPS, HLF, HPE, IMAX, INTU, JWN, KW, LYV, MTZ, NCMI, OLED, PKY, RDUS, RMAX, SPLK, SPXC, SWN, TWOU, WAGE, WK, ZOES

 

World News

  • Brazil's central bank maintained its pace of interest rate cuts as expected on Wednesday, cutting its benchmark Selic rate by 75 bps for the second straight time to 12.25% - its lowest since March of 2015

The content of this post was created by the Hammerstone Group. The Hammerstone Institutional Forum, a chat-based platform for traders, provides subscribers with up-to-the-minute breaking news headlines and instant analysis that drive the market. For more information please visit www.thehammerstone.com. For more information on the stocks mentioned in the Hammerstone Recap, please contact Brian Ducey at brian@thehammerstone.com.

This article is from the Hammerstone Group and is being posted with the Hammerstone Group's permission. The views expressed in this article are solely those of the author and/or the Hammerstone Group and IB is not endorsing or recommending any investment or trading discussed in the article. This material is for information only and is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad-based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation by IB to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.

 


12413




Macro

GUOSEN Closing Bell (February.23)


MARKET

Chinese stocks closed lower today, with the benchmark Shanghai Composite Index ended at 3251.38 points. The A-share market fluctuated below the flat line as house tax was put on Beijing’s work agenda, this might send short term shockwave to the market given increasing profit taking pressure. Nonferrous metals and pharmacy sectors led the gains; while building materials and steel sectors led the falls. Combined turnover for both markets was 518.1 bn yuan, up 3.1% dod.

 

CLOSE

%CHG

VOL (bn yuan)

%YTD

SH Composite

3,251.38

-0.30

236.8

4.76

SZ Component

10,432.64

-0.11

281.3

2.51

CSI300

3,473.32

-0.47

106.6

4.93

ChiNext

1,925.95

0.31

67.2

-1.84

 

Sector

Top 1

Led by

Top 2

Led by

Upward-leading

Nonferrous metals

603993

Pharmacy

002728

Downward-leading

Building materials

000885

Steel

000709

 

NEWS

*SF Express, one of China's largest courier firms, is set to ring the bell and complete its back-door listing on the Shenzhen Stock Exchange on Friday. After an asset swap that valued the express delivery giant at an estimated 44.8 billion yuan ($6.8 billion), its reverse merger partner Maanshan Dintai Rare Earth & New Materials Co will be officially renamed as SF Express, according to regulatory filings to the local bourse. The listing will make SF Express the biggest Chinese courier company by market cap, surpassing its rival ZTO Express that went public in October at New York Stock Exchange, raising $1.4 billion. The move also makes Wang Wei, SF Express's chairman and founder, worth more than 111.1 billion yuan, according to media outlet China Money Network, as he holds 64.6 percent of the merged company via an entity 99.9 percent owned by him. (Xinhua)

 

 FUND FLOW

 

Click here for more information about Guosen.

This article is from Guosen Securities Co., Ltd. and is being posted with Guosen Securities Co., Ltd.’s permission. The views expressed in this article are solely those of the author and/or Guosen Securities Co., Ltd. and IB is not endorsing or recommending any investment or trading discussed in the article. This material is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.


12412




Macro

European Market Outlook: German GDP in focus


Morning Briefing February 23rd 2017


It’s a busy data calendar day Thursday. The European calendar gets underway atm0700GMT, with the publication of the German Consumer Climate and the final Q4 German GDP data.

French data due for publication at 0745GMT includes the Manufacturing and services sentiment data, alongside the Business Climate Indicator.

ECB Executive Board member Peter Praet speaks at 0900GMT, as does ECB Executive Board member Philip Lane.

At the same time, Italian retail sales data will be published.

ECB Governing Council member Jens Weidmann and Buba Board member Carl-Ludwig Thiele will give a press conference as the Bundesbank publish their annual accounts, starting at 1000GMT. At 1045GMT, Gov. Council member Ewald Nowotny sits on a panel discussion.

The only UK data due for release comes at 1100GMT, with the publication of the CBI Distributive Trades data.

Across the Atlantic, the calendar gets underway at 1330GMT, with the release of the Canadian payroll employment data and the US jobless claims data.

The level of initial jobless claims is expected to fall by 4,000 to 235,000 in the Feb. 18 employment survey week, almost reversing a 5,000 increase in the previous week. Claim were at a level of 237,000 in the Jan. 14 employment survey week.

The four-week moving average, which rose by 500 in the Feb. 11 week, would fall by 6,250 in the coming week as the 260,000 level in the Jan. 21 week drops out of the calculation, assuming the MNI forecast is correct and there are no revisions. The average would break through the 43-year record low posted in February 4 week.

The FHFA Home Price Index will be published at 1400GMT.

At 1530GMT, Atlanta Federal Reserve Bank President Dennis Lockhart speaks.

The US Natural Gas storage data will be published at 1530GMT, followed by the DOE weekly crude oil stocks data at 1600GMT.

The Kansas City Fed Manufacturing Index will be published at 1600GMT, followed by the Treasury Preliminary Allotments at 2000GMT and the Fed's M2 Weekly Money Supply Data at 2130GMT.

 

Global Economic Trading Calendar


 

Markets


FOREX: It was another low-key affair in Asia, investors were busy dissecting last night's FOMC Minutes, leaving the dollar largely unaltered on the session. Dollar-yen opened at Y113.31 and held a Y113.13 to Y113.46 range, last at Y113.27. Aussie held a $0.7665 to $0.7704 range, the weaker-than-expected local Private Capex data did not have a lasting impact. Aussie last at $0.7690. Meanwhile, euro-dollar currently trades at $1.0563 and Cable at $1.2448 after trading in respective ranges of $1.0544 to $1.0567 and $1.2430 to $1.2460

US INDEX FUTURES: US stock index futures are trading slightly lower on light profit taking after the Dow Jones posted its longest run of record closes since 1987 on Wednesday according to DJ data . Currently the Mar'17 e-mini S&P futures are trading down 1.50 points at 2,359.50, the Mar'17 e-mini Nasdaq futures are trading down 3.25 points at 5,347.75, while the Mar'17 e-mini Dow futures are trading down 5 points at 20,745.

US STOCKS CLOSE: U.S. stocks saw mild profit-taking Wednesday, but this did not prevent the Dow Jones Industrial Average from posting a new life-time closing high of 20,781.38. - The DJIA closed up 0.16% at 20,775.60, the Nasdaq Composite closed down 0.09% at 5,860.63 and the S&P 500 closed down 0.11% at 2,362.82.

- On Tuesday, the Nasdaq Composite posted a life-time high of 5,867.886 and the S&P 500 a life-time high of 2,366.71.
US TSYS: Its been a slow start to Thursday's trade, with CT10 in a narrow 2.5-tick range and 0.5bp lower, while 10yr futures are 1.5-ticks higher than the close. Volumes have been on the low side, with cash seeing some $1 bln changing hands. Earlier data from the MOF saw Japanese investors buy around Y48.2 bln or $400 mln of overseas bonds the previous week vs the 4-week average of around ~$4bln and its smallest net purchase since January 2015. Some are attributing 3m Usd/Jpy basis moving further negative as a reason for for the diminishing purchases.

JAPAN STOCKS: Japanese stocks have posted slight losses in a lackluster session as the market continues to await fresh clues for direction. The Nikkei has closed for lunch down 0.35% or 67.80 points at 19,312.07, while the Topix is last down 0.35% or 5.46 points at 1,551.63.

GOLD: Spot gold last down $0.50 at $1,236.95 per ounce, in a $1,238.90 to $1,235.85 range so far this morning in Asia, with the market doing very little despite political risk easing slightly in France, which saw the Euro rally sharply on Wednesday. Spot gold was closing near $1,237.75 per ounce on Wednesday, in the middle of a $1,231.30 to $1,240.70 range.

- Last week, gold traded in a range of $1,216.80 to $1,243.90. - The precious metal topped out Feb. 8 around $1,244.80, the highest level since Nov. 11, when gold peaked at $1,265.49, now the next larger topside target. - Pressure continues to return to the $1244.8 2017 high with gold finding support ahead of the 21-DMA Tuesday. Bulls need a close above $1244.8 to reconfirm the bullish bias and shift immediate focus to the 55-WMA and 200-DMA $1257.6-1261.4.

OIL: WTI crude oil futures for Apr'17 delivery last up $0.44 at $54.03 per barrel, after a $54.05 to $53.87 range in Asia today, with the market rallying on news that API inventories declined by 0.9 mbbl last week, on market expectations of a increase in crude inventories to the tune of 3 mbbl- 4 mbbl. Wednesday saw NYMEX April (new front month) light sweet crude oil futures settled down $0.74 at $53.59 per barrel, after trading in a $53.35 to $54.60 range. Analysts note that current longs in WTI crude at their highest levels in 10-years with open interest also high, suggesting the market is vulnerable to profit taking.

 

Technical Analysis


BUND: (H17) 164.09-75 Support Region Key

*RES 4: 167.86 High Aug 30
*RES 3: 166.84 High Oct 24
*RES 2: 166.42 Daily Bull channel top
*RES 1: 165.53 2017 High Feb 22

*PREVIOUS CLOSE: 165.08

*SUP 1: 164.75 Hourly support Feb 22
*SUP 2: 164.09 Low Feb 21
*SUP 3: 163.94 Hourly support Feb 17a
*SUP 4: 163.62 Low Feb 17    

*COMMENTARY: The recovery from 2017 lows continues with bulls now focused on layers of resistance 166.42-84 where the daily bull channel top is located. O/B daily studies and divergence on the daily momentum study remain concerns for bulls. Layers of support continue to accumulate. Bears now need a close below 164.75 to ease immediate bullish pressure and below 164.09 to shift focus back to 162.97-163.62 where 21, 55 & 100-DMAs are located.

 

EUROSTOXX50: Bollinger Band Top Capping

*RES 4: 3464.81 Low Dec 2 2015 now resistance
*RES 3: 3394.83 High Dec 7 2015
*RES 2: 3357.52 Bollinger band top
*RES 1: 3355.40 2017 High Feb 22

*PREVIOUS CLOSE: 3339.33

*SUP 1: 3324.68 Low Feb 22
*SUP 2: 3301.15 Low Feb 21
*SUP 3: 3287.48 21-DMA
*SUP 4: 3278.56 55-DMA

*COMMENTARY: Fresh 2017 and 14 month highs see bulls focused on a test of the 3394.83 Dec 7 2015 high. The Bollinger top remains the key concern at present having recently capped. Bears now need a close below 3324.68 to ease bullish pressure and below 3264.84 to confirm breaks of 21 & 55-DMAs and shift focus back to the key 3204.66-3214.31 support region where the 100-WMA is noted.

 

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This article is from Eurex Exchange and is being posted with Eurex Exchange’s permission. The views expressed in this article are solely those of the author and/or Eurex Exchange and IB is not endorsing or recommending any investment or trading discussed in the article. This material is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.


12411




1 2 3 4 5 2 1449

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