Image Not Found
Commodity Markets Outlook - April 2021

Global Macro/Metals

Green growth seems to be at the center of the post-Covid manufacturing expected recovery. The share of the population having received a first shot of the vaccine stands between 25% and 50% of the population for Europe and US, which has had a direct impact on hospitalisations, fatalities and return to normal. The expected surge in activity has already been well priced in the equity market with the late [...]

46 0
Image Not Found
Commodity Leading Index Monetary China (Apr 2021)

China's financial conditions are loosening in April

This report presents the April 2021 update on the Commodity Leading Index Monetary China (CLIMC, see Appendix for index description).

Increasing Loosening Our CLIMC shows that financial conditions as of mid-April continued to loosen but at a quicker pace than in March. Consumer inflation in March rose 0.4% yoy, held back by falling food prices, especially p [...]

32 0
Image Not Found
Commodity Leading Index Economic Activity China (Apr 2021)

April 2021 CLIEAC indicates economic expansion in China

Expansion As indicated by our CLIEAC, the Chinese economy remained in expansion mode. Manufacturing conditions were stable, as reflected by the PMI figures (Caixin/Markit PMI down from 50.9 to 50.6; NBSC PMI up from 50.6 to 51.9), although the large manufacturers captured in the NBSC survey resumed production after the Lunar New Year lull. March trade data sa [...]

54 0
Image Not Found
Commodity Markets Outlook - March 2021

As virus immunity grows globally, the prospect of a strong economic rebound over the next few quarters is fueling optimism in the markets. Yet, natural immunity in South America doesn’t seem to turn out as a good experience with Covid variants increasing the chances of re-infection. Vaccine immunity is catching up thanks to the global daily pace of vaccination that has moved from 6 mio per day at the end of February to 16 mio per day at the end of March. < [...]

25 0