German bond indigestion and big oil activist coup

Today's slide deck: https://bit.ly/2SuRrCf  - Financial markets have calm down significantly this week with the news flow fizzling and investors in a wait-and-see mode on inflation. Germany saw a terrible bid-to-cover ratio yesterday suggesting the latest decline in the Bund yield could soon quickly reverse and potentially reignite momentum in European banks. Oil markets got a shock yesterday as activist investors seized at least two boardroom seats at ExxonMobil paving the way for a change on climate change and carbon emissions; at the same time a Dutch court ordered Shell to accelerate its plans to cut carbon emissions - are we heading for a new 70s-style energy shock? We also cover rally in the Chinese Yuan and its implications for inflation, and earnings from Nvidia yesterday suggesting the semiconductor troubles will stay with the industry for at least 2-3 quarters. On today's pod were Peter Garnry on equities, Ole Hansen on commodities and Althea Spinozzi on fixed income. Intro and outro music by AShamaluevMusic