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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
Tags: French GDP, German unemployment, Swedish GDP, U.S. personal income and consumption
Posted in New Overnight Developments Abroad - Daily Update, Uncategorized | Comments Off on Mixed U.S. Data, Lots of Other Data, and Ever-present Worries about The Mueller Investigation and U.S.-Sino Trade Strains
November 28, 2018
Fed Chairman Powell delivers a speech before the economic club of NY later today. Such is attracting even 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
Tags: Euroland money growth, Italian producer prices, Trump and Powell, U.S. GDP
Posted in New Overnight Developments Abroad - Daily Update | Comments Off on Awaiting Jay Powell’s Speech
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
Tags: Fed Vice Chair Clarida, Trump
Posted in New Overnight Developments Abroad - Daily Update | Comments Off on Softer U.S. Consumer Confidence and House Price Inflation
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
Tags: German buisness climate IFO, Japanese and Chinese indices of leading economic indicators, Russia-Ukraine dispute, U.S.-Mexican tensions
Posted in New Overnight Developments Abroad - Daily Update | Comments Off on Share Prices Bounce Higher despite Geopolitical Tensions
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
Tags: euro area purchasing manager indices, German GDP, oil prices
Posted in New Overnight Developments Abroad - Daily Update | Comments Off on Oil Prices Sink Sharply to One-Year Low
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
Tags: Brexit, ECB minutes, South African central bank rate hike
Posted in New Overnight Developments Abroad - Daily Update | Comments Off on A Stronger Pound on Brexit Hopes
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
Tags: Japanese all-industry index, U.S. durable goods orders, U.S. existing home sales, U.S. index of leading economic indicators
Posted in New Overnight Developments Abroad - Daily Update | Comments Off on An Unrepresentative Day
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
Tags: equities falling
Posted in New Overnight Developments Abroad - Daily Update | Comments Off on Intensifying Market Pessimism
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
Tags: euro area current account, Japanese trade balance, New Zealand PPI
Posted in New Overnight Developments Abroad - Daily Update | Comments Off on Softer Equities and No Trade Deal Yet
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
Tags: Bank of Mexico, euro area CPI, U.K. Prime Minister May
Posted in New Overnight Developments Abroad - Daily Update | Comments Off on Mixed Dollar
