Markets are crashing into waves of varying drivers yet again and although the lifeboats deployed last Monday are a long way off, it is wise to wear one's life jacket on the Good Ship Uncertainty. The root of the panic of the previous week, namely Japan, is not done with causing consternation in markets.
There is something of a hiatus in proceedings this morning, although paths are still very much positive across most of the asset classes. Today sees the start of a bout of Tier 1 data that will define whether or not progress can be maintained and affect a reaction from the Federal Reserve when it comes to the much debated rate decision in September.
The enormity of the moves last week has barely sunk in as oil prices danced on the trap door of year-to-date lows to eventually finish better than from where they started. WTI improved week-on-week by $3.32/barrel (+4.52%), Brent by $2.85/barrel (+3.71%), Heating Oil by 2.12c/gallon (+0.91%), RBOB by 7.27c/gallon (+3.14%) and Gasoil by $7.50/tonne (+1.05%).
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