"Commodities only asset class (outside SOFR Secured Overnight Funding Rate market discounting 240bps Fed cuts next 12 months) priced for hard landing" - Michael Hartnett
Commodities are pricing in the hardest landing this century: oil sentiment is worse than at the peak of the global financial crisis, Europe's sovereign debt crisis and the global covid lockdowns.
..but Ed Yardeni reckons commodities woes are attributable to China's struggling economy.
..which data proved to be so
- House prices yoy down -5.3%
-Industrial production yoy 4.5% vs 4.7% est
- Chinese unemployment rate 5.3% vs 5.2% est
- Retail sales yoy 2.1% vs 2.5% est
