Market Briefing: Global Markets Yardeni Research, Inc.

January 18, 2017

Dr. Edward Yardeni 516-972-7683 [email protected]

Mali Quintana 480-664-1333 [email protected]

Please visit our sites at www.yardeni.com blog.yardeni.com

thinking outside the box

Table Of Contents

Table Of Contents

US Stock Indexes MSCI Indexes Stock Markets: USA Stock Markets: Americas Stock Markets: Europe Stock Markets: Asia Stock Markets: Eastern Europe, Middle East, Africa US$ Forex Rates: Europe US$ Forex Rates: Asia US$ Forex Rates: Americas Trade-Weighted Dollar 10-Year Government Yields Commodity Indexes Commodity Prices: Energy Commodity Prices: Precious Metals Commodity Prices: Agriculture

January 18, 2017 / Market Briefing: Global Markets

1 2-5 6 7 8-9 10-11 12 13 14 15 16 17 18 19 20 21

Yardeni Research, Inc. www.yardeni.com

US Stock Indexes Figure 1. 2400

2400

S&P 500 INDEX 1/18

2200

2200

2000

2000

1800

1800

1600

1600

1400

1400

1200

1200

1000

1000

800

800 yardeni.com

600 2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

600

2018

200-day moving average Source: Standard & Poor’s Corporation.

Figure 2. 21300 20400

21300

DOW JONES INDUSTRIALS AVERAGE

20400 1/18

19500

19500

18600

18600

17700

17700

16800

16800

15900

15900

15000

15000

14100

14100

13200

13200

12300

12300

11400

11400

10500

10500

9600

9600

8700

8700

7800

7800

6900

6900 yardeni.com

6000 2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

6000

2018

200-day moving average Source: The Wall Street Journal.

Page 1 / January 18, 2017 / Market Briefing: Global Markets

Yardeni Research, Inc. www.yardeni.com

MSCI Indexes Figure 3. 1900 1800 1700 1600 1500 1400 1300 1200 1100 1000 900 800 700 600 500

SHARE PRICE INDEXES

1900 1800 1700 1600 1500 1400 1300 1200 1100 1000 900 800 700 600 500

1/18

(US dollars)

World

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2400

2400

2200

2200

2000

2000

Europe

1800

1800

1600

1600 1/18

1400

1400

1200

1200

1000

1000

800

800 2006

2007

2008

2600 2400 2200

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2600 2400 2200

EAFE*

2000

2000

1800

1800

1/18

1600

1600

1400

1400

1200

1200

1000

1000 yardeni.com

800 2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

800

2018

200-day moving average * The following countries are included: Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, United Kingdom, Israel, Australia, New Zealand, Singapore, Hong Kong, and Japan. Source: Morgan Stanley Capital International.

Page 2 / January 18, 2017 / Market Briefing: Global Markets

Yardeni Research, Inc. www.yardeni.com

MSCI Indexes Figure 4. 2500 2300

2500

SHARE PRICE INDEXES (US dollars)

2300

2100

World

1900

US

2100 1900 1/18

1700

1700

1500

1500

1300

1300

1100

1100

900

900

700

700

500

500 2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2500

2500

2300

2300

2100

2100

World EAFE*

1900

1900 1/18

1700

1700

1500

1500

1300

1300

1100

1100

900

900

700

700

500

500 2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2000

2000 1/18

1800

1800

1600

1600

1400

1400

1200

1200

1000

1000

800

800

World

600

600

Emerging Markets

400

400

200

200 2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

*Europe, Austrailia, and Far East. Source: Morgan Stanley Capital International.

Page 3 / January 18, 2017 / Market Briefing: Global Markets

Yardeni Research, Inc. www.yardeni.com

MSCI Indexes Figure 5. 4000

4000

SHARE PRICE INDEXES (US dollars)

World Japan

3000

3000

2000

2000

1/18

1000

1000

0

0 2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

1900

1900 1/18

World

1700

1700

United Kingdom 1500

1500

1300

1300

1100

1100

900

900

700

700

500

500 2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2000

300 1/18

1800

250 1600 200

1400 1200

150

1000

World 100

800

EMU

600

50 2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Source: Morgan Stanley Capital International.

Page 4 / January 18, 2017 / Market Briefing: Global Markets

Yardeni Research, Inc. www.yardeni.com

MSCI Indexes Figure 6. 1600 1400

1600

SHARE PRICE INDEXES (ratio scale, US dollars)

1400

1200

1200

1000

1000 1/18

800

800

Emerging Markets

600

600

400

400 2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

700 650 600 550 500 450

2017

2018

700 650 600 550 500 450

1/18

400

400

350

350

300

300

250

250

Emerging Markets: Asia

200

200

150

150 2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

6500

6500

5500

5500

4500

4500

3500

3500

Emerging Markets: Latin America

2500

2500

1/18

yardeni.com

1500 2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

1500

2018

200-day moving average Source: Morgan Stanley Capital International.

Page 5 / January 18, 2017 / Market Briefing: Global Markets

Yardeni Research, Inc. www.yardeni.com

Stock Markets: USA Figure 7. 23100 21100

DOW JONES INDUSTRIALS

6400

NASDAQ 1/18

1/18

19100

5600 4800

17100 15100

4000

13100

3200

11100

2400

9100 1600

7100 5100

800 06

2700 2500 2300 2100 1900 1700 1500 1300 1100 900 700 500

09

10

11

12

13

14

15

16

17

18

06

07

08

09

10

11

12

13

14

15

16

07

08

17

18 1550 1475 1400 1325 1250 1175 1100 1025 950 875 800 725 650 575 500 425 350 275

RUSSELL 2000 1/17

1/18

09

10

11

12

13

14

15

16

17

18

WILSHIRE 5000

06

07

08

09

10

11

12

13

14

15

16

S&P 500 TRANSPORTATION

17

18 675 625 575 525 475 425 375 325 275 225 175 125

1/18

1/17

06 12000

08

S&P 500

06 28000 26000 24000 22000 20000 18000 16000 14000 12000 10000 8000 6000

07

07

08

09

10

11

12

13

14

15

16

NEW YORK STOCK EXCHANGE

17

18

07

08

09

10

11

12

13

14

15

16

17

18 300

S&P 500 UTILITIES

1/18

11000

06

1/18

10000

250

9000

200

8000 150

7000 6000

100

5000 yardeni.com

4000 06

07

08

09

10

11

12

13

14

15

16

17

18

06

07

08

09

10

11

12

13

14

15

16

17

50

18

200-day moving average Source: Reuters America, Inc and Standard and Poor’s Corporation.

Page 6 / January 18, 2017 / Market Briefing: Global Markets

Yardeni Research, Inc. www.yardeni.com

Stock Markets: Americas Figure 8. 2500

UNITED STATES MSCI

5000

ARGENTINA MSCI

(all indexes in US dollars)

1/18

4000

2000

3000

1/18 1500

2000 1000

1000

500

0 06

2500 2300

07

08

09

10

11

12

13

14

15

16

17

18

CANADA MSCI

06

07

08

09

10

11

12

13

14

15

16

17

18 3000

CHILE MSCI

2100 1900

2000

1700

1/18

1/18

1500 1300

1000

1100 900 700 500

0 06

8000

07

08

09

10

11

12

13

14

15

16

17

18

MEXICO MSCI

06

07

08

09

10

11

12

13

14

15

16

17

18 2000

PERU MSCI

6000 1/18 1/18 4000

1000

2000 yardeni.com

0 06 5000

07

08

09

10

11

12

13

14

15

16

17

18

06

07

08

09

10

11

12

13

14

15

16

17

0

18

200-day moving average Source: Morgan Stanley Capital International and Haver Analytics. BRAZIL MSCI

4000 3000 2000

1/18

1000 0 06

07

08

09

10

11

12

13

14

15

16

17

18

200-day moving average Source: Reuters America, Inc and Standard and Poor’s Corporation.

Page 7 / January 18, 2017 / Market Briefing: Global Markets

Yardeni Research, Inc. www.yardeni.com

Stock Markets: Europe Figure 9. 2600 2400 2200

EUROPE MSCI

800

IRELAND MSCI

(all indexes in US dollars)

700 600

2000

500

1800 1600

400

1/18

1400

300

1200

200

1/18

1000

100

800 600

0 06

2500

07

08

09

10

11

12

13

14

15

16

17

18

FRANCE MSCI

06

07

08

09

10

11

12

13

14

15

16

17

18 900

ITALY MSCI

2000

700 1/18

1500

500

1000

300 1/18

500

100 06

2800 2600 2400 2200 2000 1800 1600 1400 1200 1000 800 600 400

08

09

10

11

12

13

14

15

16

17

18

GERMANY MSCI

06

07

08

09

10

11

12

13

14

15

16

17

18 3500

NETHERLANDS MSCI

3000 1/18

1/18

2500 2000 1500 1000 500

06 1500

07

07

08

09

10

11

12

13

14

15

16

17

18

GREECE MSCI

06

07

08

09

10

11

12

13

14

15

16

17

18 1000

SPAIN MSCI

800 1000 600 500 1/18

0 06

07

08

09

10

11

12

13

14

15

16

1/18 17 18

400

yardeni.com 06

07

08

200 09

10

11

12

13

14

15

16

17

18

200-day moving average. Source: Morgan Stanley Capital International and Haver Analytics.

Page 8 / January 18, 2017 / Market Briefing: Global Markets

Yardeni Research, Inc. www.yardeni.com

Stock Markets: Europe Figure 10. 10000

10000

SWEDEN MSCI

(all indexes in US dollars) 8000

8000 1/18

6000

6000

4000

4000

2000

2000 2006

6000

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018 6000

SWITZERLAND MSCI

5000

5000 1/18

4000

4000

3000

3000

2000

2000

1000

1000 2006

2000

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018 2000

UNITED KINGDOM MSCI STOCK PRICE INDEX

1500

1500

1/18 1000

1000

yardeni.com

500 2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

500

2018

200-day moving average. Source: Morgan Stanley Capital International and Haver Analytics.

Page 9 / January 18, 2017 / Market Briefing: Global Markets

Yardeni Research, Inc. www.yardeni.com

Stock Markets: Asia Figure 11. 1400 1200

AUSTRALIA MSCI STOCK PRICE INDEX

120

CHINA MSCI

(all indexes in US dollars)

100

1000

80

800

1/18

1/18

60

600

40

400

20

200

0 06

4000

07

08

09

10

11

12

13

14

15

16

17

18

06

JAPAN MSCI

07

08

09

10

11

12

13

14

15

16

17

18 12000

HONG KONG MSCI

3500

1/18

3000

10000

1/18

8000

2500 6000 2000 4000

1500 1000

2000 06

600

07

08

09

10

11

12

13

14

15

16

17

18

06

SOUTH KOREA MSCI

07

08

09

10

11

12

13

14

15

16

17

18 350

TAIWAN MSCI 1/18

300

1/18

400

250 200 200 150 yardeni.com

0 06

07

08

09

10

11

12

13

14

15

16

17

18

06

07

08

09

10

11

12

13

14

15

16

17

100

18

700

SINGAPORE MSCI

600 500

1/18

400 300 200 100 06

07

08

09

10

11

12

13

14

15

16

17

18

200-day moving average Source: Morgan Stanley Capital International and Haver Analytics.

Page 10 / January 18, 2017 / Market Briefing: Global Markets

Yardeni Research, Inc. www.yardeni.com

Stock Markets: Asia Figure 12. 1200

INDONESIA MSCI

700

THE PHILIPPINES MSCI

(US$)

600

1000 1/18 800

500

1/18 400

600 300 400 200 200

100

0

0 06

600

07

08

09

10

11

12

13

14

15

16

17

18

MALAYSIA MSCI

06

07

08

09

10

11

12

13

14

15

16

17

18 800

INDIA MSCI

500 600 400

1/18 400

1/18 300

200 200

100

0 06

500

07

08

09

10

11

12

13

14

15

16

17

18

THAILAND MSCI

06

07

08

09

10

11

12

13

14

15

16

17

18 250

PAKISTAN MSCI

400

200 1/18 1/18

300

150

200

100

100

50

yardeni.com

0 06

07

08

09

10

11

12

13

14

15

16

17

18

06

07

08

09

10

11

12

13

14

15

16

17

0

18

200-day moving average Source: Morgan Stanley Capital International and Haver Analytics.

Page 11 / January 18, 2017 / Market Briefing: Global Markets

Yardeni Research, Inc. www.yardeni.com

Stock Markets: Eastern Europe, Middle East, Africa Figure 13. 2000

RUSSIA MSCI

400

ISRAEL MSCI

(US$) 1500

300

1000

200

1/18 1/18

500

100

0

0 06

2000

07

08

09

10

11

12

13

14

15

16

17

18

06

POLAND MSCI

07

08

09

10

11

12

13

14

15

16

17

18 800

TURKEY MSCI

1500

600

1000

400 1/18 1/18

500

200

0

0 06

1500

07

08

09

10

11

12

13

14

15

16

17

18

06

2000

HUNGARY MSCI

07

08

09

10

11

12

13

14

15

16

17

18 2000

EGYPT MSCI

1500

1500

1000

1000

1000

1/18 500

1/18

500

0 1100 1000 900 800 700 600 500 400 300 200 100 0

yardeni.com

0 06

07

08

09

10

11

12

13

14

15

16

17

18

CZECH REPUBLIC MSCI

500

06

07

08

09

10

11

12

13

14

15

16

17

0

18 700

SOUTH AFRICA MSCI

600 500

1/18

400 300 1/18

200 100

06

07

08

09

10

11

12

13

14

15

16

17

18

06

07

08

09

10

11

12

13

14

15

16

17

18

200-day moving average Source: Morgan Stanley Capital International and Haver Analytics.

Page 12 / January 18, 2017 / Market Briefing: Global Markets

Yardeni Research, Inc. www.yardeni.com

US$ Forex Rates: Europe Figure 14. 1.7 1.6

1.7

EUROPE

1.6

($/Euro)

1.5

1.5

1.4

1.4

1.3

1.3

1.2

1.2

1.1

1.1

1/18

1.0

1.0

.9

.9

.8

.8 2006

2.3 2.1

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018 2.3

UNITED KINGDOM ($/Pound)

2.1

1.9

1.9

1.7

1.7

1.5

1.5

1.3

1.3

1/18

1.1

1.1 2006

4.5 5.5

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018 4.5

SWEDEN (Krona/$)

5.5

6.5

6.5

7.5

7.5

8.5

8.5

1/18

9.5

9.5

10.5

10.5

11.5

11.5 2006

.4 .6

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018 .4

SWITZERLAND (Swiss Franc/$)

.6

.8

.8 1/18

1.0

1.0

1.2

1.2 yardeni.com

1.4 2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

1.4

2018

200-day moving average Source: Haver Analytics.

Page 13 / January 18, 2017 / Market Briefing: Global Markets

Yardeni Research, Inc. www.yardeni.com

US$ Forex Rates: Asia Figure 15. 60

JAPAN

5.6

CHINA

(Yen/$)

(Yuan/$)

6.0

80

6.4 6.8

1/13

100

7.2 1/18

7.6

120

8.0 140

8.4 06

.6 .8

07

08

09

10

11

12

13

14

15

16

17

18

AUSTRALIA

06

07

08

09

10

11

12

13

14

15

16

17

18 2.5

MALAYSIA

(inverted scale, A$/US$)

(Ringgit/$)

3.0

1.0 3.5 1.2 1/18

4.0

1.4 1/13

1.6

4.5

1.8

5.0 06

600 800

07

08

09

10

11

12

13

14

15

16

17

18

SOUTH KOREA

06

07

08

09

10

11

12

13

14

15

16

17

18 6000

INDONESIA

(Won/$)

(Rupiah/$)

8000

1000

10000 1/13

1200

12000 1/18

1400

14000

1600

16000 06

25 35

07

08

09

10

11

12

13

14

15

16

17

18

INDIA

06

07

08

09

10

11

12

13

14

15

16

17

18 25

THAILAND

(Rupee/$, inverted scale)

(Baht/$)

30

45 35

1/18 55

40

65

1/18 yardeni.com

75 06

07

08

09

10

11

12

13

14

15

16

17

18

06

07

08

09

10

11

12

13

14

15

16

17

45

18

200-day moving average Source: Haver Analytics.

Page 14 / January 18, 2017 / Market Briefing: Global Markets

Yardeni Research, Inc. www.yardeni.com

US$ Forex Rates: Americas Figure 16. .8 .9

CANADA

6

MEXICO

(C$/US$)

(Peso/$)

8

1.0

10

1.1

12

1.2

14

1/18

1.3

16

1.4 1.5

18

1.6

20

1.7 06 .1 .6

07

08

09

10

11

12

13

14

15

16

17

18

BRAZIL

06

07

08

09

10

11

12

13

14

15

16

1/18 17 18

-5

ARGENTINA

(Real/$)

22

(Peso/$)

0

1.1 1.6

5

2.1 2.6

10

3.1

1/18

3.6

15

1/18

4.1 4.6

20 06

300 350 400

07

08

09

10

11

12

13

14

15

16

17

18

CHILE

06

07

08

09

10

11

12

13

14

15

16

VENEZUELA

(Peso/$)

17

18 11 10 9 8 7 6 5 4 3 2 1 0

1/13

(Bolivar Fuerte/$)

450 500 550 600 650

1/18

700 750 800 06 800 1200

07

08

09

10

11

12

13

14

15

16

17

18

COLOMBIA

06

07

08

09

10

11

12

13

14

15

16

17

18 2.2

PERU

(Peso/$)

(New Sol/$)

2.4 2.6

1600

2.8

2000

3.0 2400

3.2

2800

1/18

1/18

3.4

3200

3.6 yardeni.com

3600 06

07

08

09

10

11

12

13

14

15

16

17

18

06

07

08

09

10

11

12

13

14

15

16

17

3.8

18

200-day moving average Source: Morgan Stanley Capital International.

Page 15 / January 18, 2017 / Market Briefing: Global Markets

Yardeni Research, Inc. www.yardeni.com

Trade-Weighted Dollar Figure 17. 135 130

135

JP MORGAN TRADE-WEIGHTED DOLLAR INDEX* (2000=100, daily)

130

125

125

1/18

JP Morgan Nominal Broad Effective Exchange Rate (124.59)

120

120

115

115

110

110

105

105

100

100

95

95

90

90 yardeni.com

85 95

96

97

98

99

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

17

18

19

85

20

* Argentina, Australia, Brazil, Bulgaria, Canada, Chile, China, Colombia, Croatia, Czech Rep., Denmark, Ecuador, Egypt, Hong Kong, Hungary, India, Indonesia, Israel, Japan, Korea, Kuwait, Malaysia, Mexico, Morocco, New Zealand, Nigeria, Norway, Pakistan, Panama, Peru, Philippines, Poland, Romania, Russia, Saudi Arabia, Singapore, South Africa, Sweden, Switzerland, Taiwan, Thailand, Turkey, Ukraine, UK, Uruguay, US, Venezuela, Vietnam, & Euro Area. Source: JP Morgan.

Figure 18. 160 155 150

160

FED’S TRADE-WEIGHTED DOLLAR INDEXES

155

(daily)

150

Major* (3/73=100)

145 140

145 140

Broad** (1/97=100)

135 130

135 130

1/13

125

125

120

120

115

115

110

110

105

105

100

100 1/13

95

95

90

90

85

85

80

80

75

75

70

70

65 60

65

yardeni.com 73

75

77

60 79

81

83

85

87

89

91

93

95

97

99

01

03

05

07

09

11

13

15

17

19

21

* Major index is a weighted average of the foreign exchange rates of the US dollar against the Euro Area, Australia, Canada, Japan, Sweden, Switzerland, United Kingdom, ** Broad index is a weighted average of the foreign exchange rates of the US dollar against the Euro Area, Argentina, Australia, Brazil, Canada, Chile, China, Colombia, Hong Kong, India, Indonesia, Ireland, Israel, Japan, Korea, Malaysia, Mexico, Philippines, Russia, Singapore, Spain, Saudi Arabia, Sweden, Switzerland, Taiwan, Thailand, United Kingdom, and Venezuela. Source: Board of Governors of the Federal Reserve System.

Page 16 / January 18, 2017 / Market Briefing: Global Markets

Yardeni Research, Inc. www.yardeni.com

10-Year Government Yields Figure 19. 6.0

UNITED STATES

6.0

GERMANY

5.5

5.5

5.0 5.0

4.5

4.5

4.0

4.0

3.5 3.0

3.5

2.5

3.0

2.0

2.5

1.5

1/18

1.0

2.0

.5

1/17

1.5

.0

1.0

-.5 06

7.5

07

08

09

10

11

12

13

14

15

16

17

18

CANADA

06

07

08

09

10

11

12

13

14

15

16

17

18 6.5

SWEDEN

6.0

6.5

5.5 5.0

5.5

4.5 4.0

4.5

3.5 3.0

3.5

2.5 2.0

2.5

1.5 1.0

1/17

1/17

1.5

.5 .0

.5

-.5 06

6.5 6.0

07

08

09

10

11

12

13

14

15

16

17

18

UNITED KINGDOM

06

07

08

09

10

11

12

13

14

15

16

17

18 2.5

JAPAN

5.5

2.0

5.0 4.5

1.5

4.0 3.5

1.0

3.0 2.5

.5

2.0 1.5

1/17

1/18

.0

1.0 yardeni.com

.5 06

07

08

09

10

11

12

13

14

15

16

17

18

06

07

08

-.5 09

10

11

12

13

14

15

16

17

18

200 day moving average Source: MMS International and Haver Analytics.

Page 17 / January 18, 2017 / Market Briefing: Global Markets

Yardeni Research, Inc. www.yardeni.com

Commodity Indexes Figure 20. 525

525

CRB FUTURES PRICE INDEX (1967=100)

475

475

425

425

375

375

325

325

275

275

225

225 1/18

175

125

175 yardeni.com 95

96

97

125 98

99

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

17

18

19

20

200-day moving average Source: Haver Analytics.

Figure 21. 1150 1050

1150

CRB RAW INDUSTRIALS SPOT PRICE INDEXES (1967=100)

1050

950

950

850

850

1/17

750

750

Raw Industrials (503.8)

650

650

Metals Component (839.1)

550

550 1/17

450

450

350

350

250

250

150

yardeni.com 95

96

97

150 98

99

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

17

18

19

20

Source: Haver Analytics.

Page 18 / January 18, 2017 / Market Briefing: Global Markets

Yardeni Research, Inc. www.yardeni.com

Commodity Prices: Energy Figure 22. 190 170

WEST TEXAS INTERMEDIATE CRUDE OIL PRICE

150

(dollars per barrel)

5.0 4.6 4.2 3.8 3.4 3.0 2.6 2.2 1.8 1.4 1.0 .6

HEATING OIL FUTURES PRICE* (dollar per gallon)

130 110 90 70 1/17

1/17

50 30 10 06 160 140

07

08

09

10

11

12

13

14

15

16

17

18

BRENT CRUDE OIL FUTURES PRICE*

06

07

08

09

10

11

12

13

14

15

16

17

18 19

NATURAL GAS FUTURES PRICE*

(dollars per barrel)

17

(dollar per MMBTU)

15

120

13

100

11 9

80

7 60

1/17

5 1/17

40

3

20

1 06 07 08 09 10 * Nearby futures price.

4.5 3.9

11

12

13

14

15

16

17

18

06

07

08

09

10

11

12

13

14

15

16

17

18

GASOLINE FUTURES PRICE* (dollars per gallon)

3.3 2.7 2.1 1/17

1.5 .9

yardeni.com

.3 06

07

08

09

10

11

12

13

14

15

16

17

18

200-day moving average * Nearby contract. Source: Haver Analytics.

Page 19 / January 18, 2017 / Market Briefing: Global Markets

Yardeni Research, Inc. www.yardeni.com

Commodity Prices: Precious Metals Figure 23. 1975 1800 1625

1975

GOLD FUTURES PRICE*

1800

(dollars per troy ounce)

1625

1450

1450

1275

1275

1/17

1100

1100

925

925

750

750

575

575

400

400

225

225 2006

52 48 44 40 36 32 28 24 20 16 12 8 4

2400 2200

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018 52 48 44 40 36 32 28 24 20 16 12 8 4

SILVER FUTURES PRICE* (dollars per troy ounce)

1/17

2006 2600

2007

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018 2600

PLATINUM FUTURES PRICE*

2400

(dollars per troy ounce)

2200

2000

2000

1800

1800

1600

1600

1400

1400

1200

1200 1/17

1000

1000

800

800

600

600 2006

1000 800

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018 1000

PALLADIUM SPOT PRICE ($/troy oz)

800

1/17

600

600

400

400

200

200

0

yardeni.com 2006

2007

0 2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

200-day moving average * Nearby contract. Source: Haver Analytics.

Page 20 / January 18, 2017 / Market Briefing: Global Markets

Yardeni Research, Inc. www.yardeni.com

Commodity Prices: Agriculture Figure 24. 850 750

850

CORN FUTURES PRICE* (cents per bushel)

750

650

650

550

550

450

450 1/17

350

350

250

250

150

150 2006

1950 1750

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018 1950

SOYBEANS FUTURES PRICE* (cents per bushel)

1750

1550

1550

1350

1350

1150

1150

1/17

950

950

750

750

550

550

350

350 2006

1400 1300 1200 1100 1000 900 800 700 600 500 400 300 200

200

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018 1400 1300 1200 1100 1000 900 800 700 600 500 400 300 200

WHEAT FUTURES PRICE* (cents per bushel)

1/17

2006 250

2007

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018 250

COTTON FUTURES PRICE* ($/pound)

200

150

150

100

100 1/17

50 0

50 yardeni.com 2006

2007

0 2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

200-day moving average * Nearby contract, closing price. Source: Haver Analytics.

Page 21 / January 18, 2017 / Market Briefing: Global Markets

Yardeni Research, Inc. www.yardeni.com

Copyright (c) Yardeni Research, Inc. 2017. All rights reserved. The information contained herein has been obtained from sources believed to be reliable, but is not necessarily complete and its accuracy cannot be guaranteed. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness, or correctness of the information and opinions contained herein. The views and the other information provided are subject to change without notice. All reports posted on http://blog.yardeni.com www.yardeni.com, blog.yardeni.com, and YRI’s Apps for iPads and iPhones are issued without regard to the specific investment objectives, financial situation, or particular needs of any specific recipient and are not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Past performance is not necessarily a guide to future results. Company fundamentals and earnings may be mentioned occasionally, but should not be construed as a recommendation to buy, sell, or hold the company’s stock. Predictions, forecasts, and estimates for any and all markets should not be construed as recommendations to buy, sell, or hold any security--including mutual funds, futures contracts, and exchange traded funds, or any similar instruments. The text, images, and other materials contained or displayed on any Yardeni Research, Inc. product, service, report, email or website are proprietary to Yardeni Research, Inc. and constitute valuable intellectual property. No material from any part of www.yardeni.com, http://blog.yardeni.com blog.yardeni.com, and YRI’s Apps for iPads and iPhones may be downloaded, transmitted, broadcast, transferred, assigned, reproduced or in any other way used or otherwise disseminated in any form to any person or entity, without the explicit written consent of Yardeni Research, Inc. All unauthorized reproduction or other use of material from Yardeni Research, Inc. shall be deemed willful infringement(s) of this copyright and other proprietary and intellectual property rights, including but not limited to, rights of privacy. Yardeni Research, Inc. expressly reserves all rights in connection with its intellectual property, including without limitation the right to block the transfer of its products and services and/or to track usage thereof, through electronic tracking technology, and all other lawful means, now known or hereafter devised. Yardeni Research, Inc. reserves the right, without further notice, to pursue to the fullest extent allowed by the law any and all criminal and civil remedies for the violation of its rights. The recipient should check any email and any attachments for the presence of viruses. Yardeni Research, Inc. accepts no liability for any damage caused by any virus transmitted by this company’s emails, website, blog and Apps. Additional information available on request. [email protected]