Daily Brief Macro: “The Data Bottleneck in Quant Finance — and How to Break It” With David Forino and more

• Introduction of David as a special guest and first client of Harmonic Insights
• Discussion on market dynamics, including non-US equities, Bitcoin, and gold
• Focus on oil’s volatility, with a 9% drop in the last five days and recent events impacting Bitcoin

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• Property / In Depth: China shifts toward completed home sales to curb risks
• China-EU /China, EU willing to talk after Brussels bars Chinese firms from medical device tenders
• Law /In Depth: China’s shift toward splitting criminal cases has scholars worried about judicial impartiality

• Iron ore prices continue to inch lower as import options for China increase. China accounts for 72% of the seaborne market. 
• For China, imports from Brazil and Australia account for 82% of its overall number.  South Africa and India are 5% but the other category (13%) is now growing. 
• Can Imports from other regions, such as Canada, Ukraine, Africa, Iran, and Peru, increase? Data shows that it is happening. 

• Oil markets remain volatile, with no end in sight.
• As part of a forthcoming update to our commodity charts, we will soon introduce trader-based sentiment scores. This week’s WTI Directional Sentiment Index remains negative, while the Non-Directional Sentiment measure (chart below), which evaluates market sentiment based on who is putting on spreading trades as opposed to directional trades, continued its slow upward trend.
• This suggests that market participants continue to favor playing the shape of the oil curve, rather than engaging in outright directional trades. We suspect that as long as our non-directional sentiment index continues to trend upward, the price of oil will remain capped, barring any dramatic geopolitical events.