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New Overnight Developments Abroad – Daily Update

Dollar Loses Ground

June 7, 2018

The dollar fell overnight by 0.9% against the euro, 0.5% versus the Swiss franc, 0.2% relative to the yen, and nearly 2% vis-a-vis the Turkish lira. The lira had been slumping this year on rising inflation, increasingly autocratic politics, and the central bank’s pressured neglect of its currency. A 75-basis point interest rate hike in […] More

A Sharp Increase in European Long-Term Sovereign Debt Yields

June 6, 2018

Ten-year sovereign debt yields have recorded daily increases of 9 basis points in Italy and France, 8 bps in The Netherlands, 7 bps in Germany and Greece, 6 bps in Switzerland and the U.K., 5 bps in Spain and 4 basis points in Portugal. Yields in North America are up 4 bps in Canada and […] More

Sterling Strengthens… Emerging Market Currencies Slide

June 5, 2018

Sterling advanced 0.4% overnight against the dollar, buoyed by better-than-forecast British service sector and composite purchasing manager indices in May that rose to 3-month highs of 54.0 and 54.3, respectively. The dollar also edged down 0.1% against versus the yuan and yen but climbed 0.4% and 0.3% relative to the Australian and Canadian dollars and […] More

Even Ominous Reductions of Uncertainty Bring Market Relief

June 1, 2018

Share prices in Europe have rallied 2.6% in Italy, 2.0% in Greece, 1.8% in Spain, 1.4% in Switzerland, 1.2% in France, 0.9% in Germany, and 0.7% in Great Britain. A higher stock market open is indicated in the United States. Overnight results in the Pacific Rim were mixed, with stocks rising 0.7% in South Korea […] More

Dollar Down, Stocks Up, and Intra-Euroland Yield Spreads Contract Further

May 31, 2018

While the 10-year German bund yield remained unchanged overnight, comparable sovereign debt yields elsewhere in the euro area fell by 11 basis points in Italy, six basis points in Portugal and Greece and 3 bps in Spain despite Prime Minister Rajoy’s fragile hold on political power. The dollar weakened 0.4% against the euro, Swiss franc, […] More

Less Fear about Italy, More Fear Over Trade

May 30, 2018

Highly successful Italian 10-year and 5-year sovereign debt auctions following growing incohesion among anti-euro political elements in that country alleviated one source of market strains. 10-year government bond yields fell by 24 basis points in Italy, 21 bps in Greece, 9 bps in Portugal and 4 bps in Spain. Yields, by contrast, rose 11 bps […] More

Global Financial Markets Hit by Threat to EU from Italian and Spanish Political Crises

May 29, 2018

Ten-year sovereign debt yields shot up 45 and 41 basis points overnight in Greece and Italy, while also rising 12 bps in Portugal and 8 bps in Spain. Share prices in Europe have plunged 3.2% in Italy, 2.7% in Spain, 1.8% in Greece, 1.5% in France, 1.4% in Germany and the U.K. and 1.3% in […] More

A Focus on Italy, Korea, Turkey & Oil Prices as U.S. and Britain Observing Holidays

May 28, 2018

Italian President Mattarella rejected the League/5-Star choice for economy/finance minister, whereupon that coalition withdrew its bid to lead Italy’s government and called for Mattarella’s impeachment and immediate election. Mattarella then asked former IMF Director of Fiscal Policy Cottarelli to form a provisional governing coalition. Elections likely no later than the autumn. Italian share prices┬ádived 1.3%, […] More

Little Market Reaction to Trump’s Decision to Call Off Summit with Kim

May 25, 2018

Markets have taken President Trump’s decision not to meet Jung Un Kim in Singapore on June 12 surprisingly calmly. North Korean official did not escalate the disagreement, indicating instead a continuing interest for Trump and Kim to meet. The biggest market developments the Friday have been A 1.8% drop in WTI crude oil to $69.46 […] More

Turkey Attempts to Stop Lira’s Rout… Other Geopolitical Strains Simmer

May 24, 2018

The Central Bank of the Republic of Turkey hiked the late liquidity window interest rate by three full percentage points to 16.5% after the Monetary Policy Committee held an unscheduled meeting. The lira had been plunging in one-sided market conditions but rebounded over 6% following the announcement. Italian Prime Minister-Designate Conti met with party leaders, […] More

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