So first thing’s first. Global stocks have posted 9 straight months of gains. And if you had the sense to just buy the ETF, you could have literally taken the last 36 weeks off in terms of looking at your account:
Also on the top of the list in terms of notables, the dollar is, like Jeff Sessions, “beleaguered.” In fact, the greenback has posted five straight monthly losses, the worst losing streak since 2011:
This is probably nothing:
Here’s the broad market and the VIX (challenge: spot “Gandalf”):
Here’s an annotated 10Y yield chart – make of it what you will:
And here’s the 2s10s, which ended up pretty much back where it started:
Meanwhile, the euro is simply on a tear, hitting its highest level since January of 2015 on Monday, topping off a month in which the single currency rose 3.5%-ish against the dollar and more than 4% against the Swiss franc, as EURCHF is now above 1.14.
The DAX looks like it’s had all it can take of the stronger euro, having peaked in June:
Meanwhile, the RBA is trying to talk back its own hawkish-sounding minutes which, along with commodities, have helped drive the aussie to its highest since 2015:
Oil obviously had a good month. WTI rose above $50 for the first time since May on Monday and we’re sitting at 2-month highs:
There’s lots to be bullish about between an improving supply-demand outlook, jawboning from OPEC, Venezuela disruptions, and all kinds of geopolitical event risk.
The onshore yuan logged a third monthly gain – that’s the longest winning streak since October 2014:
Speaking of China, some upbeat construction data that was buried in an otherwise lackluster PMI report caused iron ore to soar to a four-month high:
Finally, it was a horrible month for Trump: