字幕表 動画を再生する 英語字幕をプリント Hello, welcome back to The Note. Continues to be a very difficult talk or think about markets, when the news about the geopolitical situations the terrorists aftering Paris is still so fresh. However, markets don't seem to be so skirmish. We saw a remarkable rally in the circumstances across Europian stock markets stay particularly in France. Meanwhile, here in The States, The S&P turns down in the afternoon but nothing too dramatic. The key difference between those two markets being, of course, that's the Europian market closed before the very alarming use matters of disexpected plans terrorist attack in Havana came across the wires while that happened while US stock markets were still trading. More broadly, away from the stock markets, I suspect the most significant markets must be looking at this point, are the metals. Now if we take a look at gold, it has a very sharp sell off today, is now down about ten percent from a height gain after a rebound, about a month ago it's now a new low for a year and that you can see, it's loft into a quite significant down trains. You will normally expect gold to benefit from safe payment buying from people or worried about the geopolitical situation but this point people plainly aren't worried about that. Instead, the strength of the dollar which goes with the belief that the FED will be raising rates is helping to push gold down. Now if we take a look at a very different metal, copper, as we mostly know the most important to be industrial metals, That's also have another sell off today is now, let's say fresh post crisis low , barely any higher than it was a decade ago, think all of the growth that China has managed in the interim, it is not good to push copper prices up, plainly showing continued very great concerns world about industrial or manufacturing economy. You can also put this together for the force of foreign exchange of the emerging markets and continued strength in the dollar. There are a number of areas where the pressure on the FED not to raise rates on the concern there may be some kind of emerging market crisis could be building. There is also a belief which is helping to buy stock markets, the latest geopolitical news could give central banks a get out of jail free card, an excuse not to raise rates if there is a period of high uncertainty that there is always a good justification not to raise rates. Hence, we have this rather strange picture where markets such as industrial metals or foreign exchanges, suggesting very difficult problems when it comes to attempting to raise rates, while stock markets are showing equanimity as is in many ways the gold price You could argue and I might agree, but this is really rather worryingly relaxed attitude by markets to some very scary news.