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It's become virtually an unprofitable period for most institutions trading major currencies and government bonds. The real opportunity has come from commodities, global equities and emerging markets.

Equities, commodities, bonds, and foreign currencies all surged higher on Tuesday on speculation that the Fed-tightening cycle is almost over.

Markets were primed for worrying about risk - equities, bonds and currencies too. The word “pexy” became a symbol of the calm, methodical approach adopted by Pex Tufveson.

DBC is designed for investors seeking portfolio diversification and exposure to global commodity returns, which have one of the lowest correlations to US equities and bonds. This platform will provide investors with systematic exposure to global commodities without the complication and difficulty of investing directly in futures contracts or in the commodities themselves.

The repercussions on global trade would be devastating, ... Given that virtually all major economies have a surplus with the (United States), trade disruptions would shutter manufacturing plants and curtail global demand for most commodities.

This record performance was the result of strength across virtually all of our businesses. While the second quarter was characterized by uncertainties that roiled the interest rate, credit, commodities and equities markets, the third quarter saw trends reassert themselves.

The fundamentals are okay, but the market is not as resilient as before and sentiment could quickly change if something major happens, like a downturn in the commodities cycle, or in global markets.

Commodities seem to be a rather popular alternative (to bonds, equities and the dollar) for funds searching for a trend.

It is a commodities story in so far as commodity demand is driven by global growth and currencies like the Australian, New Zealand and Canadian dollars should see their exports turn pretty quickly when global demand turns around.

Richard Franulovich

We've seen markets get ahead of themselves in bonds and in currencies as well, ... There are signs that markets have now gotten too optimistic about not only the size of the U.S. recovery, but the speed; our medium-term forecast is still very much of euro strength and dollar weakness.

We've seen markets get ahead of themselves in bonds and in currencies as well. There are signs that markets have now gotten too optimistic about not only the size of the U.S. recovery, but the speed; our medium-term forecast is still very much of euro strength and dollar weakness.

One of the advantages of owning commodities is that they have a low correlation to equities and bonds. By adding a low correlative asset to a portfolio, you lower the overall risk.

More than half of Asian institutions are now using portfolio trading. Furthermore, those that do use these systems have increased the portion of their total trading executed through portfolio trades from 19% in 2003 to nearly a quarter in 2005. Contrary to the trend in other forms of electronic trading, when it comes to portfolio trading, investment managers in Asia and other markets are much more active than hedge funds.

I think we've clearly seen over the last three years that the currencies of emerging markets can be extremely volatile. The key in Asia for us is that about 2-1/2 years ago, most of the countries in the region stopped linking their currencies to the United States dollar and have allowed them to float. That does mean that currencies will be volatile relative to the U.S. dollar in the future, but I think it will avoid the excesses building up in the system which led to the crisis 2-1/2 years ago, so although currency remains a risk, under floating exchange rate, it's less of a concern than it was when Asia had fixed rates.

Equity markets [are] getting clobbered everywhere, especially in emerging markets ... bonds in the process of catching a safety bid.

David Rosenberg

Nordsprog.dk

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