July 12 - It's a down day for oil and stocks as investors react to the IEA's latest report and Fed minutes. Bond yields also down across the board, with the Dutch 2-year negative for the first time ever.
Dollar and diamond diamond. Bonds until stock and bond yields today as investors react to the Fed's minutes on the latest twists and tons in the eurozone crisis. This is today's market pulse well let's get straight time -- Charlie Robertson he's global chief economist company saw its capital. Charlie let's start with some well -- dot and one half percent today after that IEA said slowing growth treat pick. -- a tough place is what's your take on that. It's been -- been stocking up brands being stuck on 98 -- -- -- two dollar range for about the last week or so. Yes BIA's coming out of that yes we will would be the -- had a -- wipe out -- just say the Chinese you know means figures that are out this morning. They've shown a rise of 120 billion and they were talking over a hundred billion euros of new guns by Chinese banks in -- -- I would think that that's going to be supportive of commodities as prepared for the next few days. Of course the Chinese GDP tomorrow but could that indicate that this growth is slowing and the world's largest Colombo lodges growth engine. Yeah expectations -- for growth to slow from my point one of the first quarter to seven point seven in the second quarter. And that's why we say this you don't pick up Chinese banks are responding to politicians and China -- saying they need to do something. We've seen better take -- in -- and matching figures as well. OK okay -- spotted Boeing -- examined about an hour and a half so as a golden one is as close to 6% I think we have to 7%. And but you don't share the market's relative optimism on. -- I had just I. Com justify. Suggests that people buy these when you can get. 8% yields in Turkey South Africa Russia and that local currency debt which has much better that profile. It's -- to -- is still a long term problem with unemployment of 24% now. Likely to pick up over the next ones -- he is due to the austerity being pushed through Odyssey this is positive for growth or therefore positive for that deficit. In the region times so I -- struggle to see why you should be falling as much as well. I've played the last time 1520 minutes with a backup to six point seven. Let's finish up on stocks Adam -- world wiped off the Fed's minutes time. You're bearish and S&P you think that's gonna feel. Through -- you know. Well history selling us we got back to previous crisis by the 1970s. Or even the tech bubble the stock market today in the states and therefore Europe is higher than it was at this point in the cycle. In these previous crisis -- its record highs in front that just doesn't make sense to me and I would. Be guessing based on history of the S&P will be 12100 by the end of this year. It nukes are overvalued today by about seventy points. I'm dial plus political and you know I thought -- history come down 10% same space to become the intent percent to unions don't. Yours be hit so badly already that I suspect to appear red -- back to proforma the moment most of the pessimism in the world is focused on Europe. -- that moves a little bit towards the US I would get I would guess market positioning actually means you're wouldn't suffer so much. So you don't tell a profound mistakes that's not often we hear about it and it and down market. -- thank you very much my finds that two Renaissance capital's Charlie -- And just in the last few minutes the yield on Dutch TO bonds has gone negative for the first time ever. So that's Germany on the Netherlands not -- negative yields are the shots and investors paying these governments to hold up cash so capital preservation. Clearly the name of the game. That was today's market pulse chin and at the same -- each -- from market pulse a look at what's moving and financial markets and white. I'm -- give up this is Reuters.