Good morning contrarians! Welcome to the Daily Contrarian, our morning look at events likely to move markets in the day ahead. Today is Wednesday, Aug. 9.
State of Play
Overnight news that the Biden administration will limit US investments into mainland China. The investments affected (private equity and venture capital into technology, specifically artificial intelligence) do not sound particularly prevalent so the market reaction has been muted. But watch this space. As of 0625 we are looking at a little bit of risk-on:
Stock index futures are pointing to small gains, with the S&P 500, Nasdaq, and Russell 2000 up 0.3% each;
Commodities are rebounding a bit from yesterday’s sell-off. WTI crude oil is up 1% to trade around $83.50/barrel. Copper is up ~0.8%;
Cryptos are also gathering steam, with Bitcoin up another 2% to trade around $29,800;
Bonds are unchanged. The 2-year yields 4.76%. The 10-year 4.02%.
For more of the artist’s work visit his Instagram account.
Listen to this episode with a 7-day free trial
Subscribe to Contrarian Investor Premium to listen to this post and get 7 days of free access to the full post archives.
