The mood in the market is a bit better today but the rout this week highlights the risks to global growth.
The most-sensitive trading instruments in the world are commodities. So lets go through the charts.
Here's copper. There's some selling but nothing indicating any kind of freefall from the economic doctor. There's fresh optimism on a China infrastructure push.
US steel futures. Prices still very high but it's inflated by Ukraine and Russian steel being taken offline.
WTI crude oil. Note the pennant. I could breakdown but it's been remarkably resilient this week, despite China lockdowns.
US lumber. There are plenty of reported shipping problems but it's certainly not cratering despite 5% mortgage rates.
I could go deeper into nickel, tin and more but it's generally the same story. The stock markets I think are flagging more interest rates as a deleveraging risk than a genuine growth scare.
