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Crude and Cracks Decline Before EIA Data


(Z2) Watching Key Support


SOFR Call Spd

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  • Broad USD strength in September has been weighing on EM risky assets, with EM equities down 4.25%.
  • Worst performers were consumer discretionary and materials equities, down 8.7% and 7.1%, respectively.
  • Real estate sector was down slightly (-1%) last month as concerns over Evergrande contagion risk has eased in recent days.
  • However, the real estate sector is still down 13% in the past year, the second worst performer after consumer discretionary (-17.2%).
  • Energy sector was the best performer last month as momentum on oil and refined products continues to rise.
  • We previously saw that investors have historically looked at oil and nat gas as their 'favorite inflation hedge' among the major commodities.

Source: Bloomberg/MNI

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