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August 1, 2019
The Bank of England Monetary Policy Committee left policy settings unchanged by a unanimous 9-0 vote as was expected. Today’s report coincided with the release of the quarterly Inflation Report. Projected growth in the U.K. last quarter was likely zero percent and that for 2019 has been lowered to 1.3%. The forecast assumes a Brexit […] More
Tags: Bank of England, Central Bank of Brazil, Czech National Bank, Fed Chairman Powell, Manufacturing PMIs
Posted in New Overnight Developments Abroad - Daily Update | Comments Off on Central Banks and Manufacturing PMI Reports in the Spotlight
July 31, 2019
The dollar is unchanged against the euro, Swiss franc, yen, loonie and yuan, 0.2% softer relative to the peso and Australian dollar, 0.1% lower versus sterling and 0.2% higher against the kiwi. Analysts expect a 25-basis point federal funds cut to be announced at 18:00 GMT, and Chairman Powell will begin his press conference at […] More
Tags: and unemployment, Euroland CPI, French and Italian CPI, GDP, Japanese housing starts
Posted in New Overnight Developments Abroad - Daily Update | Comments Off on Lots of Data Out but Dollar Marking Time Ahead of FOMC Announcement
July 30, 2019
European share prices fell Tuesday, depressed by an unexpectedly large slide in economic sentiment in the euro area to a 40-month low of 102.7 in July. That’s down from 105.2 just two months earlier and 111.2 a year ago. Germany’s economic sentiment slumped 2.4 points between June and July. Two big factors are sapping the […] More
Tags: Bank of Japan, Euroland economic sentiment, FOMC
Posted in New Overnight Developments Abroad - Daily Update | Comments Off on European Economic Sentiment Stumbled in July
July 25, 2019
The European Central Bank Governing Council left policy settings unchanged but signaled likelihood of a multi-pronged stimulus after September’s fuller review. A zero percent refi rate has been flanked by a negative 0.40% deposit rate and a 0.25% marginal lending facility rate since cuts made in September 2016. The ECB leadership is in transition; IMF […] More
Tags: Central Bank of the Republic of Turkey, European Central Bank, German business climate index
Posted in New Overnight Developments Abroad - Daily Update | Comments Off on ECB and Turkish Monetary Officials Send Dovish Signals
July 24, 2019
Preliminary purchasing manager survey results from July in Japan, Australia, Euroland, and the U.S. were published today, and their main message is that trade wars hurt just about everybody. Japan’s manufacturing PMI printed below 50 for a third straight month and the fifth time in six months. Readings under 50 imply a contraction of activity. […] More
Tags: Euroland money and credit growth, purchasing manager indices, U.S. new home sales
Posted in New Overnight Developments Abroad - Daily Update | Comments Off on More Evidence that Tariffs Are Hurting Manufacturing All Over
July 23, 2019
Boris Johnson, who favors a very hard U.K. break with the EU, was selected as the new leader of the British Conservative Party and will thus succeed Theresa May tomorrow as prime minister. This development greatly increases the likelihood that Britain will leave the European Union by October 31 without any negotiated terms. U.S. congressional […] More
Tags: Boris Johnson, Euroland consumer sentiment, Magyar Nemzeti Bank, National Bank of Hungary, U.S. budget deal
Posted in New Overnight Developments Abroad - Daily Update | Comments Off on Dollar Up on Day with Two Large News Developments
July 22, 2019
Equity markets closed down 1.3% in China and Hong Kong, 0.8% in India, 0.4% in Indonesia, and 0.2% in Japan but have risen in Europe by 0.5% in Germany, 0.4% in Italy and 0.3% in the U.K. and France. U.S. share prices also opened slightly higher. Ten-year U.S., German and British sovereign debt yields slipped […] More
Tags: Chicago Fed National Activity Index, Mueller
Posted in New Overnight Developments Abroad - Daily Update | Comments Off on Stocks Mixed, Bond Yields Lower, Oil’s Up, and the Dollar’s Little Changed
July 19, 2019
John Williams, President of the NY Fed and a permanent member of the FOMC, gave an academic speech asserting that it’s best for central banks to respond quickly in the face of slower economic growth. Investors took his comment as the clearest sign yet that the federal funds rate will be cut at the FOMC […] More
Tags: Central Bank of Chile, Euroland current account, German PPI, Japanese CPI
Posted in New Overnight Developments Abroad - Daily Update | Comments Off on NY Fed President Moves Markets Unwittingly
July 18, 2019
Central bank rates were cut today in South Korea, Indonesia, South Africa, and Ukraine. The likelihood that the Fed will ease at the end of this month played a role in each of these actions. All of the reductions were 25-basis point moves. The share price of Netflix has tumbled 10.75% in response to an […] More
Tags: Bank Indonesia, Bank of Korea, British retail sales, Japanese trade balance, National Bank of Ukraine, South African Reserve Bank, U.S. index of leading economic indicators
Posted in New Overnight Developments Abroad - Daily Update | Comments Off on A Quartet of Central Bank Rate Cuts and Netflix Stock Takes a Large Hit
July 17, 2019
President Trump needs a weaker dollar to reinforce his trade policy and enhance his reelection prospects. The means to a weaker dollar lies in getting the Federal Reserve to cut interest rates, if not by knuckling under verbal pressure then by packing the Fed Board with monetary policy doves. Powell overnight made comments suggesting that […] More
Tags: Euroland CPI, U.S. housing starts and building permits
Posted in New Overnight Developments Abroad - Daily Update | Comments Off on Powell and Price Data in the News
