Among the recent trends across markets, commodities are arguably the most striking, as some base metals such as nickel push to new lows for the year. The decline in WTI crude also has further to run, in our view. The USD bid is likely catalysing the move. Even USD/JPY, which had been declining steadily, is posting some signs of bullish momentum divergences that warn of stalling risks. In China, the Shanghai Composite has rolled over back in range against resistance in the 2540/75 area and risks further weakness in the near term.
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Barclays Capital