US Incomes Rose Last Year But Poverty Rates Changed Little

Economic

Summary:

The worst inflation in more than 40 years has vexed both households and the U.S. Federal Reserve.

U.S. inflation-adjusted household income increased but poverty rates showed only modest changes last year, the U.S. Census Bureau reported , offering a mixed snapshot of how American households fared as the economy returned to pre-coronavirus pandemic growth levels, job growth boomed and inflation eased.

Real median household income rose to $80,610 in 2023, up 4.0% from 2022, back to the peak reached in 2019, while earnings for workers as a whole were higher than before the pandemic, a boost to households after multiple years in which workers' wages were outpaced by high inflation.

But the report also showed a main gauge of the nation's poverty rate, adjusted for government support such as food assistance and tax credits as well as household expenses, rose to 12.9% from 12.4% in 2022. The so-called official poverty rate declined to 11.1% from 11.5%.

Census noted, however, that the adjustments to income levels used to determine whether a person lived in poverty were larger for the supplemental measure than for the official measure in 2023. Had the official threshold increase been applied for the supplemental rate, that rate would have declined to 12.0% from 12.4% the prior year.

In 2023, the threshold for the official rate increased by 4.1% to $30,900 for a two-adult, two-child household.

The supplemental child poverty rate, also adjusted and referring to those under the age of 18, rose to 13.7% in 2023 from 12.4% the previous year. The rise in the supplemental child poverty rates was impacted by the end of extra pandemic-related government benefits. For example, extra pandemic-related food assistance programs ended in March of last year in a majority of U.S. states and school meal aid also narrowed.

The income and poverty data for 2023 comes two months before the U.S. presidential election. The shadow cast by a surge in inflation following the onset of the pandemic in early 2020, and how much that has squeezed pocketbooks of voters once government support programs designed to shore up household incomes expired, remains a key issue.

Last year saw the economy continue to post stronger-than-expected growth as it returned to its pre-pandemic path while the unemployment rate by January 2023 was 3.4%, lower than just before the health shock struck. While it ticked up to 3.7% by last December, that was still the lowest level in more than 50 years.

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Employment growth averaged around 250,000 new nonfarm payroll jobs a month over the course of 2023, well above the 183,000 average over the decade preceding the pandemic.

This was echoed in the findings of the report. There were 2.1 million more full-time, year-round workers in 2023, and worker earnings were the main driver of household incomes, said Liana Fox, assistant chief of the Economic Characteristics, Social, Economic and Housing Statistics Division. "We're seeing people are working more."

The worst inflation in more than 40 years has vexed both households and the U.S. Federal Reserve. The central bank ratcheted up interest rates to more than 5% by the middle of last year and has kept them there since, in a bid to reduce the pace of price increases back to the normal annualized trend of around 2%.

Inflation, by the central bank's preferred measure had fallen from a high of 7.1% on an annual basis in June 2022 to 5.5% at the beginning of 2023, before more than halving to 2.6% by last December. Inflation currently remains at 2.5%.

Household income rose throughout the income distribution, Census said in the report.

Real median household income rose by 5.4% for white households and 5.7% for non-Hispanic white households between 2022 and 2023. There was no significant change in median incomes for Black, Asian, and Hispanic households, the Bureau said.

However, the female to male earnings ratio fell for the first time since 2003, as women's earning growth was outpaced by men's. Real median earnings for men who worked full-time, year-round increased by 3.0%, compared to 1.5% for women with the same working patterns. This could be partly due to a rise in the number of Hispanic women in the workforce last year, Census officials said, as they tend to earn less.

The report also showed that 92.0% of Americans were covered by health insurance for at least part of 2023, roughly unchanged from the previous year.

Source: Theedgemarkets

To stay updated on all economic events of today, please check out our Economic calendar

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ING

Commodity

Gold has been one of the best performers among major commodities this year. It has surged more than 20% year-to-date, supported by expectations of an interest rate cut from the Federal Reserve, strong central bank buying and robust Asian purchases. Haven demand amid heightened geopolitical risks as well as uncertainty ahead of the US election in November have also supported gold’s record-breaking rally this year.

Fed pivot will boost gold

At the recent Jackson Hole conference, Fed Chair Jerome Powell made it clear that the Federal Reserve would cut interest rates on 18 September, stating that "the time has come for policy to adjust. The direction of travel is clear."

Gold prices have gained after Powell affirmed expectations the US central bank will soon start cutting interest rates. Lower borrowing costs are positive for gold as it doesn’t pay interest. The Fed has held its key policy rate in a target range of 5.25% to 5.5% – the highest level in more than two decades – since last July.

The question for the gold market now is the pace at which the Fed will ease its policy.

The latest US jobs data report was mixed, adding to the ongoing debate over how deeply the Fed is going to cut interest rates at its September meeting. Our US economist believes the central bank will opt for a 50bp move, but it’s a close call.

Gold sets a new record as Fed prepares to cut rates

Source: Refinitiv, ING Research

ETF flows turn positive after years of outflows

Source: WGC, ING Research

ETF inflows continue

Demand for gold-backed ETFs has also seen a revival. Global gold ETFs saw inflows four months in a row with all regions recording positive flows and Western funds leading the way in August.

Investor holdings in gold ETFs generally rise when gold prices gain, and vice versa. However, gold ETF holdings have been in decline for much of 2024, while spot gold prices have hit new highs. ETF flows finally turned positive in May.

COMEX futures net long rise further

Source: Commodities Futures Trading Commission, ING Research

COMEX total net longs also continued to rise, seeing a 17% month-on-month rise by the end of August, and the highest month-end level since February 2020.

Central bank gold demand picks up in July

Central bank gold demand strengthened in July despite price rises. Reported net purchases by central banks more than doubled to 37 tonnes in July, as data from the World Gold Council shows. This represents a 206% month-on-month increase and the highest monthly total since January when central bank purchases totalled 45 tonnes.

The National Bank of Poland was the leading buyer in the month, followed by the Central Bank of Uzbekistan and the Reserve Bank of India.

In 2023, central banks added 1,037 tonnes of gold – the second-highest annual purchase in history – following a record high of 1,082 tonnes in 2022. Looking ahead, we expect central bank demand to remain strong amid the current economic climate and geopolitical tensions.

Central banks keep adding gold

Source: WGC, ING Research

US rate cuts will drive gold to new highs

We believe that the long-awaited Fed rate cut will drive gold to new highs. The US presidential election in November will also continue to add to gold's upward momentum through to the end of the year, in our view.

Geopolitics will also remain one of the key factors driving gold prices. The war in Ukraine and the Middle East and tensions between the US and China suggest that safe-haven demand will continue to support gold prices in the short to medium term. Central banks are also expected to keep adding to their holdings, which should offer support.

We now see gold averaging $2,580 in the fourth quarter, resulting in an annual average of $2,388. Gold’s upward momentum will continue next year with 2025 prices averaging $2,700.

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Alex

Commodity

Energy

Oil and gas production in the Gulf of Mexico could suffer a decline unless the federal government confirms its deadline for the revision of a law regulating endangered species protection.

Without it, the regulatory process to ensure oil and gas operations are carried out in accordance with the Endangered Species Act would become a lot more cumbersome and complicated, potentially affecting production.

The revision was prompted by a court ruling last month in a case brought against the federal government by climate activists. They claimed the current endangered species risk assessment regulation for oil and gas operations, commonly known as the biological opinion, was inadequate and a new one was needed. The judge agreed and ruled that the U.S. National Marine Fisheries Service had until December 20 to update the regulation.

Now, the American Petroleum Institute is warning that if the service takes longer than that, it would disrupt oil and gas operations, for which the biological opinion is mandatory.

“With the Gulf of Mexico producing 15% of our country’s oil supply, halting production would have serious, far-reaching consequences to our economy and energy security,” the API said in a post on X.

In addition to producing 15% of U.S. oil, the Gulf of Mexico also employs more than 400,000 people and generates over $6 billion in federal revenue, the API also said, as quoted by Reuters.

This is not the first time that the industry association has sounded the alarm about the federal government’s biological opinion. Last week, API senior vice president Dustin Meyer said “The ramifications could be potentially enormous for operations in what we and many others recognize is such a vital, producing region,” adding that “The level of concern is very high,” as quoted by Bloomberg.

Bloomberg noted in that report from last week that the Marine Fisheries Service had already started work on an update on the biological opinion but had said during court proceedings it would not be able to complete it “until late winter or early spring 2025.”

Source: OILPRICE

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S&P Global Inc.

Economic

The seasonally adjusted Global PMI New Export Orders Index, sponsored by JPMorgan and compiled by S&P Global, posted 48.9 in August, down from 49.6 in July. The latest reading signalled that trade conditions deteriorated for a third successive month and at the fastest pace in eight months.

Excluding improvements in April and May, export orders have fallen continuously since March 2022. While some of the recent trade decline has been linked to disruptions to the supply chains, August data suggest that we are also seeing a deepening of the manufacturing downturn underscored by worsening demand conditions and destocking.

Trade downturn remains manufacturing driven as services exports continue to grow

Manufacturing new export orders fell at the fastest pace in the year-to-date in August. In line with the trend in July, where worsening lead times impacted global supply chains and exports, shipping delays were again observed via the Supplier's Delivery Times Index. The pace at which lead times lengthened eased on a global scale in the latest survey period owing to better vendor performance among developed economies, but emerging markets, which are key sources of goods production, broadly indicated that delivery times extended at a more pronounced pace in August. The August PMI data also revealed that renewed destocking by manufacturers affected demand for goods worldwide. Instances in which companies reported lowering their purchasing of inputs increased noticeably, with cost considerations being a key factor. The extension of supply issues, joined by the intensifying of reduction in purchases altogether unpinned the latest downturn in global trade flows.

In contrast, service sector export business further expanded in August, extending the period of expansion that commenced at the start of the year. Moreover, the rate of growth rose for the first time in four months, albeit only slightly.

More detailed sector PMI data further outlined a widening sectoral divergence, with the top four sectors that led the expansion in export business all being service sectors. They are namely the transport, industrial services, non-bank ('other') financials and software services. In contrast, manufacturing sectors mainly ranked towards the bottom, though the worst performers in August also included a services sector - real estate.

Emerging market exports stall while developed market exports decline at an accelerated pace

Developed markets continued to lead the downturn in exports in August with the rate of decline accelerating to the fastest since last December. This also extended the period of developed world export contraction that commenced mid-2022. That said, the reduction in exports was limited to the manufacturing sector as service export business rose for the first time since April and at the most pronounced pace in seven months.

Meanwhile emerging markets exports near-stalled in August, falling fractionally for the first time since last December. This was underpinned by a deceleration in services export business growth to the slowest in the current seven-month sequence and a renewed decline in manufacturing exports. The decline in manufacturing exports, the first in the year-to-date, is a notable development given that most manufacturing hubs reside in emerging economies, thereby highlighting that trade conditions have deteriorated at the source.

India leads export growth at slower pace in August

While August's manufacturing PMI data showed that goods trade slowed in both developed and emerging markets, pockets of improvement remained, with four of the top 10 trading economies recording higher goods export orders in August. India retained the lead, but recorded a slower rate of growth in line with the wider manufacturing sector picture for India. Growth in goods export orders was also observed in Russia, South Korea and Brazil, with the latter two seeing only marginal increases in goods orders from abroad.

On the other hand, the EU and Canada remained the worst performers among the top 10 trading economies, with the rates of export decline being especially sharp for the EU. The US, UK and Japan meanwhile recorded more pronounced, though still modest rates of reduction in goods export orders in August.

Finally, mainland China's goods exports fell for the first time in 2024, marking a turn in manufacturing conditions more generally going into the second half of the year. Hopes persist that easing interest rates, especially in developed markets, may help to spur global goods trade into the end of 2024, though questions remain over how much interest rates may be lowered. The extent to which demand in the manufacturing sector can be stimulated by these projected monetary policy moves will be studied closely in upcoming PMI data.

To stay updated on all economic events of today, please check out our Economic calendar

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Cohen

Commodity

The platinum market is expected to see its biggest annual deficit in at least a decade but prices have so far been slow to react, according to an industry report.

A sharp rise in holdings by exchange-traded funds and strong growth in Chinese demand for large bars is forecast to help create a shortfall of more than 1 million ounces in 2024, according to a quarterly report from the World Platinum Investment Council. That comes after a deficit of 731,000 ounces last year.

“Even with deficits of this magnitude, the platinum price appears unresponsive,” said WPIC CEO Trevor Raymond. However, sentiment is shifting toward higher-for-longer automotive demand, which should help platinum’s strong underlying fundamentals play “a more prominent role”, he added.

Platinum has dropped about 30% from a peak in early 2021, while sister metals palladium and rhodium have posted much steeper drops amid uncertainty over demand from the auto industry, which uses the metals to curb emissions from diesel and gasoline vehicles. That’s dented the profitability of some higher-cost operations in South Africa, the biggest producer of platinum.

Holdings in platinum ETFs surged by 444,000 ounces during the April-June period — the highest quarterly inflow since 2020 — thanks to the precious metal’s relative underperformance versus gold and strengthening fundamentals, the report said. Full-year gains are forecast to moderate to just 150,000 ounces, it said.

Total platinum demand is forecast to rise to 8.12 million ounces in 2024, also helped by a 7% gain from the jewellery sector. Overall industrial and automotive demand, which make up the bulk of the market, are both expected to nudge higher.

Meanwhile, total mined supply is forecast to fall 2% to 5.51 million ounces in 2024, as operations in South Africa are restructured and refined production declines in Russia, WPIC said. Above-ground platinum stockpiles are expected to dwindle by 25% to about three million ounces.

“With the marked slowdown in the growth of battery electric vehicle market penetration rates and the normalisation of palladium and rhodium prices, underlying fundamentals are expected to return to being the major platinum price setting factor going forwards,” said Edward Sterck, director of research at the WPIC.

Source: Theedgemarkets

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Cohen

Blackstone Inc. is selling $1.05 billion of commercial mortgage bonds to help pay for a deal it struck in April to acquire AIR Communities, an apartment landlord.

The debt consists of six tranches of securities, with ratings ranging from AAA to BB-, according to people familiar with the matter. An interest-only loan backing the CMBS bonds will carry a floating rate, the people said.

The bonds add to an earlier $2.95 billion of CMBS that Blackstone sold in July which were also backed by AIR Communities properties.

A representative for Blackstone declined to comment.

Blackstone struck a deal in April to buy Apartment Income REIT, known as AIR Communities, for $10 billion. It said at the time that it would invest more than $400 million to maintain and bolster the company’s portfolio of apartment buildings.

Issuance of CMBS has been torrid recently, with overall sales this year through Monday of $69.7 billion. Spreads on the debt are wider today than they were at the start of the year, but are still below levels from much of last year when concerns over the credit quality of commercial real estate were widespread.

Source: Theedgemarkets

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SAXO

Economic

What are your options: Fall 2024: Strategic guidelines for volatile markets

As we move into the fall of 2024, financial markets have shifted from a nearly year-long bullish trend into a more volatile and unpredictable phase. The sharp correction in mid-July, followed by a spike in volatility in early August, has left investors and traders grappling with heightened uncertainty. Historical patterns, as seen in the attached VIX seasonality chart, show that volatility typically rises during the second half of the year—especially in U.S. election years—and 2024 is no exception. The VIX and other volatility indicators, such as VXN (tech sector volatility), OVX (oil), and VXTLT (bonds), have all been on the rise, with individual stock and commodity volatilities following suit.

The purpose of this article is to provide strategic guidelines for traders and investors navigating this volatile market environment. Whether you are looking to hedge your portfolio, generate income, or take advantage of potential price swings, adapting your approach to reflect current market conditions is essential. These guidelines are designed to help you assess and manage risk, and identify opportunities within both premium-selling and premium-buying strategies. The key is to recognize that volatility presents both risks and opportunities, and the right approach will depend on your goals, market outlook, and experience.

However, it's crucial to recognize that the rest of this article is based on the market conditions as they are right now. The financial markets are inherently unpredictable—volatility might increase further, or it could drop to historically low levels. We've seen time and again that market sentiment can change quickly and in ways that defy forecasts. Given this unpredictability, the strategies outlined in this article are designed to prepare you for the possibility that volatility remains elevated in the short to medium term.

It’s also important to stress that the strategies listed below assume you have adequate knowledge and experience to use them. Options trading carries risks, and it is essential to fully understand the mechanics and risks involved before putting these strategies into practice. If you’re unfamiliar with any of the concepts discussed, further education and due diligence are absolutely necessary before considering the use of these tools. Always do your research and ensure that you understand the potential risks and rewards of any trading strategy.

That said, in light of the current high-volatility environment, the following guidelines can help you better navigate and potentially profit from the unpredictable market conditions—if volatility persists into the near future.

What Are Your Options: Fall 2024: Strategic Guidelines for Volatile Markets_1

Premium selling strategies: benefit from high volatility

When volatility increases, so do the premiums on options. As a result, premium-selling strategies become particularly attractive. Selling options allows you to capture this increased premium, as time decay works in your favor, and you profit if the underlying asset doesn’t move significantly in either direction.

What to focus on:

•Covered calls: If you hold stocks that you don’t mind parting with at a higher price, covered calls are a great way to generate income from the elevated option premiums.

•Iron condors and credit spreads: These strategies let you capitalize on the high premiums while limiting your risk. Since volatility is high, expanding the strike prices in your spreads can give you more room for the inevitable market swings.

•Risk reversals: In volatile markets, risk reversals can allow traders to position themselves for directional moves while generating premium. A typical risk reversal involves selling a put and buying a call (or vice versa), effectively betting on directional movement while offsetting the cost of the long option with the premium received from the short option.

Why it works:

•High volatility means option prices are elevated, allowing you to sell premium at more favorable rates.Time decay (theta) works in your favor as an option seller, particularly when the market consolidates or moves less than expected.

•Risk reversals allow you to position for directional moves at a lower cost by using the premium collected from selling the put (or call) to offset the cost of the call (or put), especially in high-volatility scenarios.

How to execute:

•Widen your strikes: Give yourself more room for the market to fluctuate. With heightened volatility, spreads with wider strike prices allow more flexibility.

•Shorter expirations: Higher volatility tends to compress time decay, so selling options with shorter expirations can help capture premium while limiting your exposure to prolonged market uncertainty.

•Construct risk reversals strategically: If you're bullish on an underlying, consider selling an out-of-the-money put and buying an out-of-the-money call to capture directional moves without paying full premium for the call. Conversely, use the reverse structure in bearish scenarios.

Risks to consider:

•Volatility spikes: While selling options benefits from high volatility, further spikes in volatility can increase your risk, especially if you're short naked options. This can lead to significant losses.

•Sudden market moves: Selling options can leave you exposed if the market moves sharply in one direction. Widening your strikes reduces some risk, but rapid price changes can still result in losses.

•Unlimited risk on naked options: Selling naked calls or puts exposes you to potentially unlimited losses. If the underlying asset moves significantly, you may face substantial losses. Spreads and structured strategies like risk reversals can help mitigate this risk.

Premium buying strategies: capitalize on big moves—with care

While selling premium can seem like the more obvious play in a high-volatility market, buying options remains a viable strategy—especially if you're expecting a strong directional move. However, with options trading at higher prices due to increased implied volatility (IV), you need to be more selective and strategic to make option buying work in your favor.

What to focus on:

•Longer-dated options: Buying options with longer expiration dates helps mitigate the effects of time decay and gives your position more time to reach its profit target.

•Directional plays on strong catalysts: Be selective about the underlyings you choose. Focus on assets where you expect clear and strong directional moves, such as stocks with upcoming earnings, major market events, or those showing strong technical signals.

Why it works:

•In a volatile market, big directional moves can still happen. If you anticipate these moves and time your entry well, option buying can yield substantial returns.

•Buying longer-dated options reduces your exposure to theta-decay, allowing you to hold positions longer without losing significant value due to the passage of time.

How to execute:

•Look for lower IV on entry: High IV means expensive options, so try to enter your long positions when implied volatility is slightly lower—after a brief pullback or consolidation.

•Spread strategies to offset costs: Consider debit spreads or diagonal spreads to reduce the upfront cost of buying options. Spreads help balance the impact of time decay and can make your long positions more affordable while still offering upside potential.

Risks to consider:

•Time decay (theta): As a buyer, time decay works against you. If the underlying asset doesn’t move quickly enough, you could lose money simply due to the passage of time. Longer-dated options can help mitigate this risk but won’t eliminate it entirely.

•Volatility drop (vega): If implied volatility falls after you enter the trade, the value of your option could decrease, even if the underlying asset moves in your favor. This is particularly important when buying options in a high-volatility environment.

•Directional risk: Buying options requires the underlying asset to move significantly in your favor for the trade to be profitable. If the expected move doesn’t occur, the option could expire worthless, resulting in a full loss of the premium paid.

Adapting to theta and vega in a volatile market

Whether you are buying or selling options, it’s crucial to understand how market volatility affects the Greeks, particularly theta (time decay) and vega (volatility sensitivity).

•Theta: As an option buyer, time decay will erode your position’s value if the underlying asset doesn’t move fast enough. This makes it critical to time your entry and consider longer-dated options. For sellers, theta is your friend—time decay works in your favor, especially with near-term options.

•Vega: Rising volatility increases the value of options, benefiting buyers if IV rises after you’ve entered the trade. However, sellers need to account for the risk of further volatility increases, which can inflate option values.

How to navigate:

•Monitor vega: Option buyers can benefit if volatility spikes after entering, but sellers need to be cautious about volatility increases.

•Mind theta: Buyers should focus on longer-term options to minimize the impact of time decay, while sellers can take advantage of near-term opportunities.

Balance your portfolio with market-neutral strategies

Given the unpredictable market conditions, where a strong directional bias could lead to unwanted losses, incorporating market-neutral strategies can help you profit from volatility without taking on excessive risk.

Strategies to consider:

•Buying straddles and strangles: If you expect large moves but aren’t certain of the direction, buying straddles or strangles can allow you to profit from volatility regardless of which way the price moves. A straddle involves buying both a call and a put at the same strike price, while a strangle involves buying a call and a put with different strike prices. These strategies are more suitable when you expect significant volatility and price movement.

•Selling straddles and strangles: If you expect the market to stay within a specific range or for volatility to decrease, selling straddles and strangles can be more suited to a market-neutral approach. Here, you profit from the premiums collected as long as the underlying asset doesn’t make large moves in either direction. This is especially attractive when implied volatility is high, and you don’t expect extreme price movement.

•Iron butterflies: These can help capture premium in a market that you expect to stay within a certain range, while also limiting risk on both sides. This strategy benefits from the elevated premiums in the options market and works well when you expect minimal movement.

Risks to consider:

•Directional moves: Even with market-neutral strategies, significant directional moves can result in losses. Buying straddles and strangles require large price swings to be profitable, and if the market consolidates instead, you may lose money due to time decay. Selling straddles and strangles, on the other hand, exposes you to potentially unlimited losses if the underlying moves dramatically in either direction.

•Increased costs: Market-neutral strategies often involve buying or selling multiple options, which can increase transaction costs. These costs can eat into your potential profits, especially if the market doesn’t move as expected.

Be selective with underlyings

This is true for both premium sellers and premium buyers. Given the elevated implied volatility across many sectors, it’s essential to be selective about the assets you trade. Not every stock or commodity will move dramatically, and volatility across sectors can vary.

How to execute:

•Focus on strong catalysts: Whether it’s earnings, geopolitical events, or major economic reports, choose underlyings where you expect clear and impactful price movement.

•Diversify across asset classes: With volatility affecting more than just stocks, consider options on commodities, bonds, or sectors that have their own volatility profiles (such as energy or tech).

Risks to consider:

•Misjudging catalysts: Even if an asset has strong catalysts, market sentiment can shift unexpectedly, and the anticipated move may not happen. This can result in losses, particularly for buyers who rely on a significant directional move.

•Sector-specific volatility: Some sectors may experience higher volatility than others, which could lead to over- or underestimation of market risk. It’s important to tailor your strategy to the asset’s volatility profile.

Conclusion: a balanced approach to volatility

Fall 2024 presents a complex but opportunistic market environment. With volatility rising, both premium-selling and premium-buying strategies offer paths to success—but only if carefully adapted to current conditions. Selling options allows traders to capitalize on elevated premiums and time decay, but option buying remains a viable approach when paired with selective timing, longer time frames, and proper risk management.

By combining thoughtful timing, selective underlying choices, and the appropriate mix of buying and selling strategies—while keeping a close eye on the risks—traders and investors alike can navigate the volatility ahead and position themselves for potential gains, regardless of the market's direction.

To stay updated on all economic events of today, please check out our Economic calendar

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US Incomes Rose Last Year But Poverty Rates Changed Little

MORE WORKERS

Source: Theedgemarkets

Gold Monthly: Gold’s Rally Is Just Getting Started

Fed pivot will boost gold

Source: Refinitiv, ING Research

Source: WGC, ING Research

ETF inflows continue

Source: Commodities Futures Trading Commission, ING Research

Source: WGC, ING Research

API Sounds Alarm On Gulf Oil Production Amid Endangered Species Regulation

Source: OILPRICE

Steepest Deterioration in Trade Conditions Since December 2023

Trade downturn remains manufacturing driven as services exports continue to grow

Emerging market exports stall while developed market exports decline at an accelerated pace

India leads export growth at slower pace in August

Platinum Set For Record Deficit But Prices Yet To Recover

Source: Theedgemarkets

Blackstone Sells Second Commercial Mortgage Bond to Fund Buyout

Source: Theedgemarkets

What Are Your Options: Fall 2024: Strategic Guidelines for Volatile Markets

What are your options: Fall 2024: Strategic guidelines for volatile markets

Premium selling strategies: benefit from high volatility

What to focus on:

Why it works:

How to execute:

Risks to consider:

Premium buying strategies: capitalize on big moves—with care

What to focus on:

Why it works:

How to execute:

Risks to consider:

Adapting to theta and vega in a volatile market

How to navigate:

Balance your portfolio with market-neutral strategies

Strategies to consider:

Risks to consider:

Be selective with underlyings

How to execute:

Risks to consider:

Conclusion: a balanced approach to volatility

Risk Disclosure