Monday morning in Asia has given way to some sharp moves lower across markets. Shanghai stocks are below 3,000 after gapping lower at the open (last 2975.50), Copper is limit down (5%), LME Copper down $125 from the London close (2% - main support on 3m LME Copper is $5950, last $6120), other Asian bourses are 1.2%-2.6% lower, while risky currencies such as AUD and Asian FX are being sold aggressively - AUD$ traded from .8324 to a low of .8203
From Reuters: "China Investment Corp (CIC), the country's $200 billion sovereign wealth fund, is set to pour up to $2 billion soon into the U.S. mortgage system by hiring mandates under the U.S. Treasury-backed Public-Private Investment Plan (PPIP), sources told Reuters. The firms in talks with CIC are designated PPIP managers and include Alliance Bernstein LP, with sub-advisers Greenfield Partners LLC and Rialto Capital Management LLC; Angelo Gordon and Co LP with GE Capital Real Estate; BlackRock Inc; Invesco Ltd; Marathon Asset Management LP; Oaktree Capital Management LP; RLJ Western Asset Management LP; Trust Company of the West; and Wellington Management Co LLP, said the sources."
From Goldman Sachs: “Closing our long oil/gas ratio tradeAlthough we continue to expect the oil/gas ratio, currently at 20.7 in the prompt contract, to increase further between now and the end of the summer, we believe this is a good exit point. Hence we are closing our long oil/gas ratio trading recommendation at a total profit of 3.37."
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