RNC Convention and Powell Speech in focus this week

Today's slide deck: bit.ly/2QlO9gd -Today we look at the strong equity market narrative versus the alarming lack of market breadth in the US, as the megacap rally continues to diverge from the weaker broader market. Elsewhere, we focus on the interesting week ahead, as the Republican convention gets under way to day and on Thursday, we await Fed Chair Powell's presentation of the Fed's comprehensive policy review. Agricultural markets interesting also heating up. Today with Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy on FX.