每日议程：投资者顺商物，新兴市场

商品市场自2011年以来得出最糟糕的每月下降，因此由于资产管理人员之间的伤亡。由明尼苏达州农产品公司Cargill拥有的对冲基金公司Black River Asset Management已告知投资者，该投资者计划关闭四个对冲基金，因为投资者的利益有限，超过10亿美元超过10亿美元。这些资金专注于今年受到强烈销售压力的商品和新兴市场部门。关闭资金的举措是象征的宏观环境如何影响近期季度投资者分配。在今天发布的一份报告中，杰瑞斯的香港量化策略师Kenneth Chan指出，在周三结束的一周内，股权投资者将他们的购买仅为2.34亿美元的全球共同基金和交易所交易资金从上次14亿美元的汇款。周，偏好出现发达的市场股票来自新兴市场的股票。全球商品看到净流量为6.99亿美元。

SNB员额损失货币估值。The Swiss National Bank today reported more than $50 billion in losses for the first half of 2015 after the central bank’s currency reserves were dramatically impacted by theabandonment of a cap on the value of the Swiss franc versus the euro earlier this year. Bank policymakers said that the loss may prevent a dividend payment this year, which traditionally has been issued to bolster government coffers.

Chinese regulators target sellers.The Shanghai Composite index declined by 1.1 percent in trading today, bringing the benchmark index to a 15 percent loss for the month. In reaction to the stock market swoon, regulators continue to argue that market manipulation is a primary culprit for volatility. Media reports today indicate that today the China Securities Regulatory Commission ordered domestic and foreign brokerages to identify all customers with net short positions.

欧元区通货膨胀不变。Headline consumer inflation index levels for July issued today by Eurostat remained flat for the month, while core-inflation levels rose by an annualized 0.2 percent, in lie with consensus forecasts. Although inflation has crept higher in recent months, the price growth in the 19-nation currency region remains well below the European Central Bank’s stated target of 2 percent.

另一家健身公司计划IPO。New York–headquartered high-end fitness chain SoulCycle filed with the Securities and Exchange Commission to go public yesterday, following in the wake of New Hampshire–based Planet Fitness and可穿戴健身技术公司Fitbit，6月份发行股份。根据Soulcycle的申请，美国银行Merrill Lynch和花旗集团的Goldman Sachs Group将作为主要承销商。

北京举办2022年冬季奥运会. The International Olympic Committee today announced that Beijing will become the first city in the history of the sporting event to host the Winter Olympics as well as the Summer Games. The bid for the 2022 event by China found won by a significant majority after a number of Western cities dropped out of the running on concerns that the net-economic impact of hosting the Games is no longer attractive.

Portfolio Perspective: Door Open for Yellen to Raise in September—Martin Murenbeeld，邓迪资本市场

Aside from the estimated 2.3 percent annualized expansion during the second quarter, the big news yesterday was在上一个季度美国国内生产总值估计的修订. In short, the economy was weaker than thought in past years, which will comfort FOMC doves, as they were against raising rates too early.

我必须认为，如果联邦储备椅Yellen希望在9月份提高联邦基金利率，则会有很少的反对意见。我假设她要这样做 - 如果没有比零利率别的人不合适，并且增长率约为2％。徒步旅行对经济没有任何重大影响，并将结束对何时，如果美联储将徒步旅行的时间。

Our general outlook at Dundee Capital Markets calls for a 2–2.5 percent growth rate going forward. Nonresidential investment remains in the doldrums. Without a more dynamic consumer — unlikely, as consumers need to save — or more foreign sector demand, nonresidential investment will remain subdued. Net exports will on average subtract from growth for several reasons: the U.S. dollar is too high, foreign growth is weak and oil import replacement will moderate as domestic production stabilizes. After factoring in growth in employment and productivity, the economy’s apparent, speed limit, shall we say, is about 2.5 percent. The public sector could put the pedal to the metal for a period of time with investment in infrastructure, though what is really needed other than infrastructural investment and a lower dollar is a major overhaul of fiscal policy to make the U.S. economic system more efficient.

Martin Murenbeeld is chief economist forDundee Capital Marketsin Vancouver.