Opening Statement from the December 2018 CCPM Forecaster
Originally published on December 2, 2018
Commodity prices remain weak due to the loss of economic momentum throughout the globe. Most notably, broad-based commodity indexes sustained large declines as a result of the strong selloff in crude oil.
Trade negotiations continue to lead the way in terms of future catalysts for the capital markets, along with expectations of interest rate hikes. President Trump just agreed not to boost tariffs on $200 billion of Chinese goods from 10% to 25%, originally set to become effective on 1 January of 2019. Instead, the tariffs will be put on hold for 90 days in order give Washington and China more time to negotiate a mutually agreeable deal. The news is likely to provide a boost to the capital markets at least in the short term.
After facing a relentless selloff persisting for several weeks, crude oil looks to be in the process of forming a bottom, although sentiment remains negative and could easily push prices lower...
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