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New Overnight Developments Abroad – Daily Update

Broadly Softer Dollar amid More Hopeful Investor Mood

May 26, 2020

The evolution of the Covid-19 pandemic remains highly uncertain, but investors have chosen hope over fear at least for a day or so. Economies are being reopened at varying speeds, and there has been some encouraging news regarding vaccine development. Released economic data have confirmed improvement in many cases, meaning a slower implosion rather than […] More

Holiday Closures Hit Pause Button

May 25, 2020

Markets on Monday lacked direction due to holiday observances in the United States for Memorial Day, Great Britain for its late Spring bank holiday, and many Islamic countries where Ramadan’s end is being celebrated. The dollar is unchanged from Friday’s close against the euro, Swiss franc, loonie and kiwi, while changes versus the yen, sterling, […] More

Provocations by Chinese National People’s Congress and Special Central Bank Meetings in Japan and India

May 22, 2020

China’s government has decided to crack down on Hong Kong dissonance with a series of new security laws. Protesters will have fewer liberties and will be punished more severely. Hong Kong’s stock market plunged 5.6% in response. At China’s National People’s Congress, the tradition of setting an annual growth target was abandoned in a sign […] More

Equities, Sovereign Debt Yields, and Gold Down

May 21, 2020

The see-sawing pattern of stock markets from day to day continued on Thursday. After Wednesday’s advances, share prices are presently down today by 1.3% in Germany, 0.9% in France, 0.6% in the U.K., and 0.5% in Italy. Markets closed down 0.6% in China and New Zealand, 0.5% in Hong Kong and 0.2% in Japan, and […] More

More Central Bank Rate Cuts, Mixed Global Economic Data and a Weaker Dollar

May 20, 2020

The dollar traded down overnight by 1.2% against the peso, 1.0% relative to the kiwi, 0.9% vis-a-vis the Australian dollar, 0.6% versus the Swiss franc, 0.4% against the euro, 0.3% relative to the loonie and 0.1% against sterling. Against the yen, the dollar inched 0.1% higher, but the U.S. currency in trade-weighted terms is close […] More

Monday’s Equity Rally Not Sustained Amid Both Upbeat and Worrisome Developments

May 19, 2020

Pacific Rim stock markets extended Monday’s stock market rally, but share prices subsequently turned lower in Europe and U.S. stock futures. Markets closed up 2.3% in South Korea, 1.8% in Australia, 1.9% in Hong Kong, 1.7% in Singapore, 1.5% in Japan and 0.8% in China. But there are losses of 2.1% in Spain, 1.6% in […] More

Equities and Commodities Open Week on a Rising Note

May 18, 2020

Share prices in Europe are thus far up 2.4% in the U.K. and France, 2.0% in Spain, 1.4% in Germany and Switzerland, and 1.3% in Italy, and U.S. stock futures also point to a higher open. Earlier today, markets in the Pacific Rim closed down 3.4% in India and 0.7% in Taiwan but up by […] More

Fractious Politics Magnifying Fear Over the Covid-19 Pandemic

May 15, 2020

The Trump Administration’s harsh rhetoric against China has been elevated to trade sanctions. Semiconductor shipments to the Chinese firm Huawei are being prevented. In another disturbing political development, British Prime Minister Johnson reaffirmed and with more force that there will be no post-Brexit negotiations with the EU beyond the end of this year. In 2020, […] More

Stock Markets Around the World Battered Further

May 14, 2020

Hope has dissipated that the pandemic will be contained soon. Global cases surpassed 4.45 million, and the death toll is approaching 300,000. Social distancing is expected to be necessary to some extent at least through the end of the year, and world economic activity as a result will struggle to regain upward momentum. Risk aversion […] More

Politicians Between a Rock and a Hard Place, and Investors Lack Confidence that the Right Choices Will Be Made

May 13, 2020

Investors are concerned about the grim warnings from medical experts yesterday about the dangers of reopening business prematurely and without a plan for dealing with localized flare-ups of the pandemic. Hong Kong reported a new case after weeks without one. At the same time, frightening data continue to be reported, and worries are mounting that […] More

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