With economic growth waning in China and other emerging markets (top chart), demand for commodities has plunged (second chart), weighing on raw materials stocks (third chart). Meanwhile, in a world where USD and JPY are carry currencies amidst risk aversion, the U.S. dollar (bottom chart) continues to make new highs against a basket of world currencies. Those looking for a turnaround in stocks will want to also see an unwinding of these economic weakness themes, which we're not seeing yet.
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