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Things got ugly last night in the Asia session. Shanghai was down another -1.1% bringing the YTD drop down to -25.5%. 

Meanwhilethe Chinese are going to issue a record level of local bonds this week at 379B Yuan.


The U.S. Dollar sold off last week (-0.46%, +3.00% YTD), both LATAM countries Argentina and Brazil witnessed their currencies not get the reprieve that Emerging market currencies experienced, their currencies continue to crash & burn (Argentine Peso -7.4% WoW,-53.4% YTD).

(Brazilian Real -2.8% WoW, -20.6% YTD). Stagflation concerns are now very real.


Corn getting shucked again today diverging away from crude oil. Corn is seeing follow through selling this morning after deflating -4.2% last week.

Corn peaked in May along with the US 10Yr Yield.


Volatility Indices 

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Chinese stocks (BABA, JD, BIDU) fall on trade rhetoric from President Trump.

He took to Twitter early this morning whereby he said countries who don’t make fair deals with the US will be “Tariffed”.

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In response, the Chinese are crouched in wait to by restricting China’s sales of materials, equipment and other key parts to the US manufacturing supply chain.

In the direct fire of China’s restrictions is Apple and their iPhones, which are assembled on the mainland of China. However, in the latest from the US is said to spare Apple Watches from the latest Chinese tariffs.

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Last week in Turkey, the Lira appreciated a little against the US Dollar. In turn, turkey tried to restore some of their depleted Gold reserves that are used to defend their currency and economy from completely crashing.

Overnight, Turkish officials are drafting a plan measures to support banks on bad loans. Turkish Bank bonds catch a Bid.

Turkiiye Garanti Bankasi A.S. 

Turkieye Vakiflar Bankasi T.A.O

Alternatifbank Anonim Sirketi 


In the US, Trump just moving markets with trade war positioning.


In US economic new the Empire State falls to a lowest level since April.


US Closing Figures 


Banyan’s Positioning 


-R.W.N II

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