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New Overnight Developments Abroad – Daily Update

Mixed U.S. Data, Lots of Other Data, and Ever-present Worries about The Mueller Investigation and U.S.-Sino Trade Strains

November 29, 2018

U.S. personal income rose 0.5% last month, a 7-month high. Personal consumption expenditures went up even more robustly, 0.6%, and the core PCE price deflator measure of U.S. inflation settled back 0.1 percentage point to 1.8%. On the other hand, U.S. pending home sales sank 2.6% to a near four-year low and recorded an on-year […] More

Awaiting Jay Powell’s Speech

November 28, 2018

Fed Chairman Powell delivers a speech before the economic club of NY later today. Such is attracting evenĀ  more interest than might be expected because President Trump has just escalated his criticism of Powell, calling him a bigger problem than China. In other news today, U.S. GDP growth last quarter was confirmed at 3.5%, the […] More

Softer U.S. Consumer Confidence and House Price Inflation

November 27, 2018

The Federal Reserve’s Vice Chairman, who was sworn in just two months ago, endorsed the policy of gradual interest rate increases. Richard Clarida conceded that the federal funds target is getting closer to neutrality but said that more hikes are warranted. Clarida’s comments today were juxtaposed against U.S. and other data indicating slower global growth. […] More

Share Prices Bounce Higher despite Geopolitical Tensions

November 26, 2018

U.S. equities rebounded over 1.0% in initial trading this Monday after a very poor performance last week. There were solid stock gains in Asia and Europe, too. EU leaders agreed to a tentative Brexit deal over the weekend, but the pact needs to be approved by the British and European parliaments. That accomplishment remains very […] More

Oil Prices Sink Sharply to One-Year Low

November 23, 2018

The price of West Texas Intermediate crude oil dived 6.9% to $50.44 per barrel. Gold has fallen 0.4%. There was no trading in Japan due to the Labor Thanksgiving holiday. The dollar edged 0.2% lower against the yen overnight but rose 0.4% against the euro, 0.3% relative to sterling, and 0.2% vis-a-vis the Swiss franc. […] More

A Stronger Pound on Brexit Hopes

November 22, 2018

The dollar has declined 0.7% against sterling. European Council President Tusk kindled hopes for a Brexit deal, declaring, that a deal “has been agreed at negotiators’ level and agreed in principle at political level.” The British Ftse has fallen 1.0%, and the 10-year British gilt yield climbed four basis points. With the United States celebrating […] More

An Unrepresentative Day

November 21, 2018

Equities have rebounded but just partly from earlier steep losses this week. Moreover, being the day before the U.S. Thanksgiving, trading is distorted and should probably not be viewed as representative of either economic and political fundamentals or of the state of investor psychology. U.S. stocks are up less sharply than those in Germany, Canada […] More

Intensifying Market Pessimism

November 20, 2018

Equities are taking a beating around the world, with losses exceeding 1.0% in Europe, Japan, and the United States. WTI crude oil is down 2.9%, and the value of crypto currencies is crumbling. The dollar is generally firmer in this flight to safety. Ten-year U.S. treasury and German bund yields have edged lower. British gilt […] More

Softer Equities and No Trade Deal Yet

November 19, 2018

Stocks have begun another week on a downbeat. The DOW is off slightly more than 1.0%. Share prices fell 0.6% in Germany, France and Australia but firmed 0.7% in Japan. The dollar is softer, too, with losses of 0.4% versus the euro, 0.3% vis-a-vis the yen and sterling, and 0.2% against the Canadian dollar. However, […] More

Mixed Dollar

November 16, 2018

The exit of British officials protesting the Brexit deal terms did not snowball, and Prime Minister May remains in power for now. Sterling rebounded 0.3% against the dollar and euro. The Ftse has lost 0.3%, and the 10-year British gilt yield climbed four basis points. The dollar also fell 0.3% against the yen and 0.1% […] More

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