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After four trading days of non-stop focus on the yield curve, investors are moving on to the new topic du jour as positive headlines with respect to China have provided a boost to equity futures. As they say, everything old is new again! The news this time around is that the Chinese government is planning to offer more access to its cloud computing market for foreign tech firms. While sentiment is positive right now, there’s a lot to focus on today with a number of economic indicators on the calendar and several FOMC speakers set to speak.
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Sentiment sure can shift quickly in financial markets, and the latest example comes from Brazil. Just a little more than a week ago, Brazil’s benchmark Ibovespa index crossed the 100,000 level on an intraday basis for the first time ever. While the index was still down over 40% in dollar-adjusted terms, crossing 100,000 was a pretty big deal.
The party didn’t last long, though. The Ibovespa was never able to close above 100,000 last week, and ever since then, we have seen steady selling. Just yesterday the index broke down through short-term support and is now down nearly 8% from its recent highs. This morning is also looking like more of the same at the open as Brazilian equities are set to open down about 1%. Easy come easy go.
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