Global Macro Perspectives
*** The Big Picture: ECRI Leading Indicators: Slowing Growth ***
*** The Big Picture: Felix Zulauf: Storm clouds over markets ***
*** The Big Picture: Oh, No, Not the End of the World (Again) ***
*** The New York Times: When a Nobel Prize Isn’t Enough ***
*** JESSE’S CAFÉ AMÉRICAIN: Comex Silver Inventories Reach New Lows As a Forced Resolution Approaches ***
Baltic dry index rose 1.5% last week; Capesize Index was up 8.1%; Panamax Index fell 4.1%; Supramax Index was down 1.0%; Handysize Index fell 1.9%.
Thermal coal stockpiles ticked up but are still at extremely low levels; Steel stockpiles fell but stocks are high; Iron ore stockpiles recorder a massive rise reaching new record high. Prices still strong.
Iron ore inventory rise could be a early warning sign of stronger than expected China slowdown.
Baltic Dirty Tanker Index fell 4.1%; Baltic Clean Tanker Index fell 6.0%.
Holidays in the U.S. and in Europe slowed the demand and brought lower rates.