New Overnight Developments Abroad - Daily Update
Investors Take a Deep Breath but Yesterday’s Concerns Persist
October 27, 2020
U.S. stocks suffered through their most difficult day in two months yesterday, but futures point to a higher open on Tuesday. The dissipation of extreme risk aversion has been predictably accompanied by modest dollar deprecation today. The greenback slid overnight by 0.4% against the kiwi, 0.3% versus sterling and the loonie, 0.2% vis-a-vis the euro […] More
New Overnight Developments Abroad - Daily Update
Risk Aversion on Adverse Coronavirus News
October 26, 2020
The week before the U.S. election opened with equity markets on the defensive, led by drops of 2.4% so far in the German Dax, a 0.8% decline in China’s Shanghai Composite index, and losses of 0.7% in France, Italy, and South Korea. There are holiday closures in New Zealand for Labour Day, Austria for National […] More
Foreign Exchange Insights and Next Week
Next Week’s Menu: October 24-30, 2020
October 23, 2020
Central Banks: Monetary policy reviews are scheduled in Japan, Canada, Euroland, Brazil and Colombia. The BOJ meeting coincides with publication of the quarterly Outlook for Economic Growth and Prices and will be followed, as always, by Governor Kuroda’s press conference. Other central bankers speaking in public next week include Bank of Canada Governor Macklem, Swiss […] More
New Overnight Developments Abroad - Daily Update
Dollar Down but Stocks Up After U.S. Presidential Debate and First Glimpse at October PMI Surveys
October 23, 2020
The dollar slipped by 0.4% overnight against the Australian and Canadian dollar, 0.3% relative to the Swiss franc, 0.2% vis-a-vis the peso, kiwi, and euro, and 0.1% versus the yen and yuan. Contrary to the softer trend, the dollar has edged up 0.1% against sterling, and sovereign debt yields and share prices are each firmer. […] More
Central Bank Watch
Central Banks of Turkey, Ukraine, and Israel Review Monetary Policies
October 22, 2020
Instead of a follow-through measure after last month’s two percentage point rate hike, officials at the Central Bank of Turkey surprised analysts by keeping their one-week repo rate unchanged at 10.25%. Many had been expected the rate to return to its end-2019 level of 12%. The rate initially this year had been slashed by 75 […] More
New Overnight Developments Abroad - Daily Update
Investors Eyeing Three Threats
October 22, 2020
The uncertain U.S. election outcome now just twelve days away continues to have markets on tenterhooks. The final Trump-Biden debate is tonight at 21:00 EDT. U.S. Justice Department officials have found evidence of attempted cyber interference in the result by Iran and Russia. Worsening Covid-19 trends are a second source of investor anxiety. More than […] More
New Overnight Developments Abroad - Daily Update
Coronavirus Infections Kicking into Higher Gear
October 21, 2020
The trend in new cases of Covid-19 are intensifying and becoming more dispersed in both Europe, where many governments have been compelled to reimpose restraints on social activity, and the United States where the 24-hour increase again topped 60k. Optimism has swelled that a U.S. fiscal stimulus may get passed before the election. Talks continued […] More
New Overnight Developments Abroad - Daily Update
Counting Down the Days
October 20, 2020
It’s T-minus two weeks to the U.S. presidential and congressional election. In national polls, Biden leads by just under 10 percentage points, but suspense continues because of Trump’s refusal to say he will honor the result, the electoral college distortion that necessitates a Democrat to secure a 5% or greater popular vote plurality in order […] More
Larry's Blog
A World Series Match-Up from an Era Long Past
October 19, 2020
It’s a near miracle that professional sports are even being played in this pandemic year of 2020. It’s even stranger that the 2020 baseball world series pits the winningest National League team against the American League team that had the best regular season won-loss record. The first world series in 1903 and subsequent world series […] More
New Overnight Developments Abroad - Daily Update
Chinese Data Dominate Monday Newswire
October 19, 2020
Chinese real GDP expanded at a solid, albeit less-than-forecast 2.7%, rate in the third quarter, supported by strengthening exports, consumption and business expenditures. This lifted the year-on-year growth rate to 4.9% from 3.2% in 2Q and negative 6.8% in 1Q when many activities were locked down. Chinese industrial production and retail sales in September were […] More
