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March 24, 2020
Republicans and Democrats in the U.S. congress have still not reached agreement on fiscal policy, but markets are apparently more hopeful that it will get done soon. As a result, stock markets, commodity prices, and sovereign debt prices are up, while the dollar gave up some recent gains overnight. The global count of confirmed coronavirus […] More
Tags: coronavirus toll, foreign exchange, purchasing manager surveys
Posted in New Overnight Developments Abroad - Daily Update | Comments Off on Market Hopes Hinging on a Big U.S. Fiscal Stimulus
March 23, 2020
Stock markets in the Pacific Rim tumbled 13.2% in India, 7.4% in Singapore, 6.4% in New Zealand, 5.6% in Australia, 5.3% in South Korea, 4.9% in Hong Kong and Indonesia, 3.7% in Taiwan, and 3.1% in China. Japan’s Nikkei, which had not traded last Friday, rose 2.0%. However, in Euriope, markets are down 2.5-3.0% in […] More
Tags: DJIA Performance under Trump and Obama, Senate debate on fiscal stimulus
Posted in New Overnight Developments Abroad - Daily Update | Comments Off on Historically Steep Equity Rout Enters Fifth Week in a Fresh Air Pocket
March 20, 2020
The dollar fell overnight by 2.9% against the Australian dollar, 2.5% relative to the kiwi, 2.2% versus sterling, 2.0% vis-a-vis the loonie, 0.8% against the peso, 0.6% versus the yen and 0.4% relative to the euro and Swiss franc. The swap line arrangement that enables central banks to exchange on a temporary basis their own […] More
Tags: Bank of England, Bank of Russia, Euroland current account, European Central Bank, German PPI
Posted in New Overnight Developments Abroad - Daily Update | Comments Off on Dollar Down After Fed Expands Currency Swap Network.. Equities Up in Asia and Europe
March 19, 2020
The count of identified global coronavirus infections (230,041) and deaths (9,386) has risen by 26,429 and 1,097 in the past 26 hours. Investors are getting a glimpse of just how bad the economic impact could be. The IFO Institute’s monthly index of Germany’s business climate fell 8.3 points in March to a 127-month low of […] More
Tags: COVID-19, German business climate index, U.S. current account
Posted in New Overnight Developments Abroad - Daily Update, Uncategorized | Comments Off on Bracing for Impact But Investors Take a Pause
March 18, 2020
Fear deepened on Wednesday. The number of covid-19 cases worldwide rose over 15,000 in the last 25 hours to 203,612, and 730 more reported deaths brings the pandemic total to 8,229. The U.S. senate continues to obstruct, even though Treasury Secretary Mnuchin reportedly made the prediction of 20-plus unemployment in the United States without passage […] More
Tags: Central Bank of Iceland, COVID-19, Euroland trade balance and CPI, Japanese trade balance
Posted in New Overnight Developments Abroad - Daily Update | Comments Off on Stocks and Bond Prices Tumble, and the Dollar Keeps Strengthening
March 17, 2020
Stocks overnight did not fall as steeply as such had Monday in the United States. In the Pacific Rim, share prices fell 2.5% in South Korea, 2.9% in Taiwan, 5.0% in Indonesia, 2.3% in India, 1.7% in Singapore but just 0.3% in China. Equities rebounded 5.8% in Australia and 0.1% in Japan. European markets show […] More
Tags: German ZEW expectations index, Japanese industrial production
Posted in New Overnight Developments Abroad - Daily Update | Comments Off on Picking Apart the Pieces of Monday’s Rout
March 16, 2020
The contagion news over the weekend was very bad. Italy suffered a bigger daily jump in deaths than even China had, and all evidence suggests that governments that did not test extensively for the virus at the first sign of trouble have brought upon their countries larger humanitarian disasters. The United States seemingly falls into […] More
Tags: Bank of Korea, Chinese industrial production and retail sales, Japanese machinery orders, Reserve Bank of New Zealand
Posted in New Overnight Developments Abroad - Daily Update | Comments Off on Monetary Efforts to Counter Covid-19 Economic Damage All in Vain
March 13, 2020
Yesterday’s stampede out of risk assets continued in Asia but reversed in Europe. Equities fell 6.1% in Japan, 4.0% in India, 3.4% in South Korea 1.7% in Singapore, 1.2% in China and 1.1% in Hong Kong. Share prices in Europe have climbed 7.1% in the U.K., 7.6% in Switzerland, 9.4% in Spain, 14.4% in Italy, […] More
Posted in New Overnight Developments Abroad - Daily Update | Comments Off on A Session of Counter-Trend Movement and Continuing Volatility
March 12, 2020
Ironically on the one-month anniversary of the DJIA record high close, financial markets have experienced a calamitous session, and the catalyst for intensifying chaos was President Trump’s prime-time speech last night on the coronavirus pandemic. The tally of global cases stands now at 129,296 with 4,749 dead so far. Equity markets fell today by 11.7% […] More
Tags: Euroland industrial production, plunging equities, Trump speech, U.S. PPI
Posted in New Overnight Developments Abroad - Daily Update | Comments Off on Worst Day Yet
March 11, 2020
Share prices in Asia fell 2.3% in Japan, 2.8% in South Korea, 3.6% in Australia, 1.7% in Singapore and 0.9% in China. U.S. futures are down, but in Europe, stocks have so far risen 1.3% in France, 1.0% in Germany, 0.7% in Spain, and 0.6% in both the U.K. and Switzerland. The ten-year U.S. Treasury […] More
Tags: Bank of England, British industrial production and trade balance, primary results, U.S. CPI
Posted in New Overnight Developments Abroad - Daily Update | Comments Off on Continuing Market Volatility, an Unscheduled Bank of England Rate Cut, and Big Night for Biden
