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New Overnight Developments Abroad – Daily Update

Equities Rally Further… Dollar Narrowly Mixed

June 11, 2019

Equities advanced in the Pacific Rim by 2.6% in China, 1.6% in Australia, 0.9% in Hong Kong and 0.3% in Japan. In European trading thus far, stocks have risen 1.3% in Germany, 1.0% in Switzerland, 0.9% in Italy, 0.8% in France and 0.5% in the U.K.. European data reflect continuing concern about trade tensions. The […] More

Equities and Sovereign Debt Yields Up After U.S. Tariff Hikes on Mexico Averted

June 10, 2019

A deal was reached between U.S.  and Mexican officials in which Mexican troops will be deployed to contain migrants crossing into the U.S. and President Trump withdrew his threat of escalating tariffs. The success of this deal will be reassessed in 3 months. In market action overnight equities, the price of oil and 10-year sovereign […] More

Australian Interest Rate Cut and Greater-than-Forecast Inflation Retreat in the Euro Area

June 4, 2019

The dollar is unchanged against the yen, euro, sterling and yuan. The greenback edged marginally higher overnight against the Aussie dollar and kiwi. In other financial market action earlier today, share prices fell almost 1% in China but closed flat in Japan. The German Dax is up 0.8%, while stocks in the U.K. and France […] More

Stocks and Bond Yields Lower, May Manufacturing PMIs Out, and Yet Another Trumpian Insult of a Foreign Politician

June 3, 2019

The dollar slid overnight by 0.4% against the kiwi, 0.3% versus the Swiss franc and Australian dollar, 0.2% vis-a-vis the loonie and 0.1% against the euro, while holding flat relative to the yen and sterling. 10-year sovereign debt yields slipped six basis points in Italy, 2 bps in France and the U.K. and a basis […] More

Financial Markets Feeling the Strain of A Breakdown in International Trade Relations

May 31, 2019

President Trump is imposing a tariff on all U.S. imports from Mexico in retaliation of that country’s failure to contain the flow of migrants crossing into the United States. China is ramping up its response to President Trump’s recent protectionist acts against Chinese exports and especially the action against Huawei. U.S.-EU trade talks also have […] More

A Moderate Uptick in Equities in Spite of More Trade Worries

May 30, 2019

Share prices in Europe are up 1.0% in Spain, 0.6% in Germany, 0.5% in France and the U.K., and 0.3% in Italy. U.S. futures suggest a rise at the open of U.S. stocks at the open, but that could change when U.S. data arrive covering GDP, jobless insurance claims and the advance trade deficit indication. […] More

Further Decline in Sovereign Debt Yields and Share Prices

May 29, 2019

The ten-year U.S. Treasury yield dropped another 3 basis points, and sovereign debt yields of similar maturity slid a basis point overnight in Germany, the U.K., and Japan as well. Investors are bracing for slower global growth as trade protectionism intensifies. Share prices fell by a bit more than 1.0% in Japan, South Korea, France, […] More

Tariff War Concerns Rattle Investors

May 28, 2019

President Trump’s predisposition to fight a tariff war that he believes is winnable depressed the 10-year U.S. Treasury yield below 2.30% to its lowest level since October 2017 and weighed on European and Asian share prices. Equities fell 1.1% in Indonesia, 0.4% in New Zealand and 0.2% in Taiwan and Singapore. Stocks in Europe have […] More

European Parliamentary Election Results Trickling In

May 27, 2019

The dollar is little changed. U.S. markets will be shut for Memorial Day, and British markets were closed for the late Spring banking holiday. Britain’s makeshift Brexit Party whose agenda consists solely of taking the country out of the EU as soon as possible and at any cost easily captured the biggest British slice of […] More

Theresa May Stepping Down as U.K. Prime Minister

May 24, 2019

The effective date of Prime Minister May’s resignation is June 7th. Her decision followed an emphatic parliamentary defeat on her last attempt to secure approval of a managed Brexit and EU parliamentary elections. While the exact result of how British voters cast their ballots will not be known for a while, exit polls point to […] More