Recovery: After six weeks of mostly weak performances, the bulls regained the narrative and drove nearly every slice of our global opportunity set of risk betas higher. The only loser in this week’s trading through today’s close (Friday, Oct. 15): foreign junk bonds (IHY). For details on all the strategies and metrics in the tables, see this summary.
The once-bulletproof argument that investors could do no wrong by owning China stocks has suffered a reversal of fortunes in 2021. Cue up the contrarians, who are wondering if the correction in the country’s equity market this year, in sharp contrast with much of the rest of the world, hints at a buying opportunity.
* President Biden signs bill to lift US debt ceiling through December
* Powell’s prospects for 2nd term at Fed dented but not derailed
* Brent oil futures top $85 a barrel for first time since October 2018
* Microsoft plans to close LinkedIn in China, citing onerous regulations
* United Auto Workers strike at John Deere, first time in 35 years
* US workers appear to be revolting against low pay and underpay
* State-run oil firms filling output gap left by lower production at Western firms
* SEC set to allow first US bitcoin futures fund to start trading
* Prices paid to US producers eased in September
* US jobless claims fell to a new pandemic low last week:
