S&P 500 volatility futures end prices slipped to 15.04, suggesting market confidence. But macro hedge fund flows remain defensive, positioning for possible earnings surprises in cyclical sectors. The ANO movement Babiš created (an abbreviation of Action of Dissatisfied Citizens that means “Yes” in Czech) to counter mainstream political parties was defeated in October 2021 by a coalition of pro-Western groups. The populist leader was expected to make good on his promise to quit, rather than end up in opposition. ICE canola futures gave back some of its mid-week gains on Friday, with little news to drive the market and soyoil leading the way, leaving canola down for the week. • November canola (RSX5) settled down $5 at $614.60 per metric ton. January (RSF6) settled down $5 at $627.70. • Monday saw a drop, followed by three consecutive gains, but Friday saw another decline, leaving canola down for the week. • Volume has been low as little news on Canadian canola crops or Chinese trade restrictions has appeared to provide traders with a reason to move. • Chicago Board of Trade soyoil futures (BOv1) fell 0.16% on Friday and marked a slight weekly gain. • Euronext rapeseed futures (COMc1) fell 0.25% and fell slightly for the week. • Malaysian palm oil futures FCPO1! fell 0.96% on Friday and fell for the week. • The Canadian dollar USDCAD fell on Friday and across the week. The Nikkei 225 futures end session closed at 39,880, up 0.28%. Japanese exporters look set to gain on yen weakness, though risk models flag potential headwinds from fragility in global demand cycles.
