We're agnostic as to whether the rate rise will be September or November... the balance of probabilities suggests it might be September, so the markets are getting concerned about whether it will be correctly timed... (However) tightening monetary policy causes a bit of a wobble in equities, but it usually recovers.

James Butterfill

Categorized in : Industrials

We expect miners to continue to cut capex, which raises concerns over their longer-term profitability.

James Butterfill

We expect miners to continue to cut capex, which raises concerns over their longer term profitability, that's why we think we're nearing the floor in copper... as the cuts in capex will lead to a constriction on supply. Markets have also priced in a big contraction in Chinese consumption, which the data is not supporting.

James Butterfill