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Pump ‘n Dump: OPEC Pumps As Japanese (Yields) Dump (US Rig Count Declining)

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(Bloomberg) — Metals and oil prices declined with currencies of commodity-producing nations, and stocks fell after a gauge of Chinese manufacturing missed economists’ estimates.

China’s equities extended their worst monthly rout since 2008 after the official purchasing managers index for manufacturing dropped to a three-year low. Crude halted the longest winning run this year and copper erased some of the previous two weeks’ gains, while South Africa’s rand led declines among developed nations’ currencies. Stocks fell in Europe along with U.S. equity-index futures. Gains in sovereign bonds around the world sent yields to the lowest in a year.

The Caixan (China) manufacturing index keeps signalling contraction (or slowdown).

caixanpmibaltic

OPEC keeps has increased its pumping of crude oil while the US reduces its rig count.

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OPEC is pumping more oil as China and Japan continue to show weakness (the Baltic Dry Shipping Index keeps falling).

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Meanwhile, Japan’s sovereign bond yields continue to fall after the Bank of Japan announced negative interest rates.

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