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Prospects Daily: Global markets: stocks and commodities drop sharply, governemnt bonds gain

Global Macroeconomics Team's picture

Important developments today:

1. Global markets: equities and commodities fall sharply, government bonds continue to gain

2. Rating agencies downgrade U.S. and Italian banks

3. Eurozone PMI contracts for the first time in two years


Global Commodity Watch - September 2011

John Baffes's picture

Non-energy commodity prices fell by 1.6 percent in August while energy prices dropped 6.3 percent. Most of the declines were for industrial commodities owing to concerns about demand and numerous macro/financial/credit risks. Gold and silver prices rose amidst the uncertainty on safe haven buying. Agriculture prices were essentially flat overall, with grains prices up on downgrades to U.S. harvest estimates, but these were offset by declines in coconut oil, cotton and cocoa due to improved supply prospects.