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New Overnight Developments Abroad – Daily Update

Dollar Strengthens but Stock Market Rebound Short-lived

October 17, 2018

The dollar rose overnight except against the yen, which kept pace. Assorted dollar gains amounted to 0.6% vis-a-vis sterling, 0.4% versus the euro and peso, 0.3% relative to the Swiss franc, kiwi and Aussie dollar, and 0.2% against the loonie and yuan. Except in India, whose stock market closed down 1.1%, share prices in the […] More

U.K., China, and Saudi Arabia in the News

October 16, 2018

British regular pay inflation accelerated 0.2 percentage points to 3.1% in June-August, the highest pace since the start of 2009. This has generated speculation about another Bank of England tightening and lifted the pound 0.5% above yesterday’s closing level. Chinese consumer prices recorded their second straight monthly advance of 0.7% in September, lifting the 12-month […] More

Equities Down and Bond Yields Rise Again

October 10, 2018

The dollar is comparatively steady, showing no net overnight change against the euro, yuan or sterling and upticks of 0.1% versus the Swiss franc, loonie and Australian dollar and of 0.2% relative to the Mexican peso. Somewhat bigger appreciations have occurred against the kiwi of 0.4% and yen of 0.3%. Share prices fell 1.1 in […] More

Dollar and Sovereign Debt Yields Rise, while Equities Slip Further

October 9, 2018

Markets remain risk averse today. The dollar appreciated 0.4% against the euro, 0.3% versus the loonie, peso and kiwi, 0.2% relative to the Swiss franc, Aussie dollar, and sterling, and 0.1% vis-a-vis the yen. Share prices fell 1.3% in Japan, 1.0% in Australia, 0.7% in New Zealand, 0.6% in Indonesia, and 0.5% in Singapore and […] More

More Risk Aversion Lends Support to Dollar

October 8, 2018

The dollar has risen today by 0.8% against the Chinese yuan, 0.6% relative to sterling, 0.4% versus the euro, 0.3% vis-a-vis the loonie, and 0.1% against the Swiss franc and Mexican peso. Japan (Sports Day) and Canada (Thanksgiving) are observing holiday closures, but China reopened for business following a one-week observance of the Communist Revolution […] More

Awaiting U.S. Jobs Report and the Kavanaugh Vote and Watching Sino-U.S. Trade Dispute Intensify

October 5, 2018

Wednesday’s ADP estimate of private employment growth and very low jobless insurance claims suggest a very large jump in U.S. non-farm payroll jobs. The Labor Dept announces the figure at 08:30 EDT. A cloture procedural vote on the Kavanaugh debate mid-day should set the stage for a a full senate confirmation vote Saturday. Best guess […] More

Long-Term Interest Rates Climb Higher All Around the World

October 4, 2018

Ten-year sovereign debt yields extended their recent advance by 13 basis points in Greece, 8 bps in Great Britain, 6 bps in Italy, Germany and The Netherlands, 5 bps in France, 3 bps in U.S. Treasury futures, and 2 basis points in Japan. Fed Chairman Powell expressed strong confidence in an interview yesterday that solid […] More

Less Concern about Italy than Felt Yesterday

October 3, 2018

After Italy’s government had worried markets earlier by submitting a budget with a deficit of 2.4% of GDP, informed sources said that deficits would shrink after next year and settle back to 2.0% of GDP in 2021. A relief rally saw the 10-year sovereign Italian debt yield shed 13 basis points and Italy’s share prices […] More

Intensifying Concern that Euro Area Is Drifting Into a Fresh Debt Crisis over Italy

October 2, 2018

A quote from European Commission President Jean-Claude Junker set the tone for trading today: “I would not wish that, after having really been able to cope with the Greek crisis, we’ll end up in the same crisis in Italy.” Ten-year sovereign debt yields, while dropping today by 3 basis points in France, Germany, The Netherlands, […] More

Fourth Quarter Opens with Japanese Tankan Survey and a Slew of Manufacturing PMI Surveys

October 1, 2018

China will be closed all week, commemorating the communist revolution of 1949. Hong Kong’s market was similarly shut, and so was Australia’s due to Labour Day and the Queen’s Birthday observance there. A three-country Nafta remake including Canada as well as Mexico was fashioned at the last minute. Changes from the original deal were less […] More

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