TOKYO: Asian stocks edged up on Thursday as global equities found breathing space after their worst quarter in four years, although caution over China Purchasing Managers' Indexes due later in the session limited gains. Stocks in Asia took heart from an overnight rally on Wall Street, where the S&P 500 gained 1.3 per cent and the Dow rose 1 per cent as bargain hunters scooped up beaten-down shares. China's official manufacturing PMI due at 0100 GMT is expected to show factory activity shrank for a second straight month in September.
While it has been public for a long time that i) JPM is eager to sell its physical commodities business and ii) the most likely buyer was little known Swiss-based Mercuria, there was nothing definitive released by JPM. Until moments ago, when Jamie Dimon formally announced that JPM is officially parting ways with the physical commodities business.
Forget Brexit, go for raw materials. Citigroup Inc. says that it’s bullish on commodities including oil in 2017 as the impact of the U.K.’s vote to quit the European Union fades away, global growth chugs along and with markets rebalancing investors plow more cash into funds.
By Sasha Breger, a lecturer at the Josef Korbel School of International Studies at the University of Denver and author of the recent book Derivatives and Development. Her research includes global finance, derivatives, social policy, food, and farming. Cross posted from Triple Crisis