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New Overnight Developments Abroad – Daily Update

A Somewhat Corrective Wednesday in the Market

August 30, 2017

The dollar recovered, sovereign debt yields rose and so have European and Asian equities overnight. The dollar climbed 0.4% against the euro, 0.3% versus the yen, 0.2% vis-a-vis the loonie, Swissy, and kiwi, and 0.1% relative to the Australian dollar. The dollar has dipped 0.1% versus the yuan and peso and is unchanged against sterling. […] More

The Wrath of Nature and North Korea Sends Markets into a Tizzy

August 29, 2017

So much for North Korean restraint in the face of Trump’s threat of “fire and fury” against that regime. North Korea fired a missile last night that sailed over Japan, seemingly calling the U.S. president’s bluff to prove how tough he can be. Meanwhile, Harvey continues to batter the Texas coast and is forecast to […] More

Catastrophic Texas Weather Depresses WTI Oil Price

August 28, 2017

The Texas coast is experiencing record flooding. West Texas Intermediate crude oil dropped 0.8% to $47.49 per barrel. The Dallas Fed manufacturing index will be reported later today but is a dated report already in light of Hurricane Harvey’s damage. The U.S. advance trade deficit estimate also arrives today. The speeches by Draghi and Yellen […] More

Market Eyes on Wyoming, Texas and D.C.

August 25, 2017

Speeches by Yellen at 14:00 GMT and Draghi at 19:00 GMT highlight today’s agenda at the central banking summit in Jackson Hole, Wyoming. The big economic mystery is the apparent disconnection between better growth yet continuing subdued global price and wage inflation. The questions surrounding monetary policy are whether the Fed sanctions another rate hike […] More

Marking Time Ahead of the Jackson Hole Central Banking Symposium

August 24, 2017

The annual retreat of world central bankers in Northwest Wyoming kicks off this evening and runs through Saturday. This year’s conference topic is “Fostering a Dynamic Global Economy.” Fed Chair Yellen delivers a speech on financial stability at 14:00 GMT Friday. ECB President Draghi’s scheduled speech five hours later is attracting even more interest. Meantime, […] More

Trump Fuels Public Angst Again

August 23, 2017

In vintage style, the U.S. president’s comments at a political rally in Phoenix was full of threats and accusations on a range of topics: a possible government shutdown if Congress doesn’t fund his “wall” proposal; blaming a few Republicans for the vote against repealing Obamacare; accusing the media for distorting his response to Charlottesville and […] More

A Corrective Day in the Marketplace

August 22, 2017

The dollar rebounded, and so did most stock markets in Asia and Europe. Bond yields and gold eased back. These changes partly reverse trends in recent days but have no obvious reason for doing so other than it was time for a correction, however brief. After heavily criticizing the never-ending war in Afghanistan, President Trump […] More

A New Week Begins for Financial Markets and Trump Administration

August 21, 2017

Markets mostly marked time at the start of August’s fourth week, digesting an incredible week in U.S. politics and awaiting the Jackson Hole central bank symposium that begins on Thursday. The dollar was narrowly mixed overnight, rising 0.3% against the Swiss franc, 0.2% versus the loonie and 0.1% relative to the euro and Australian dollar, […] More

Markets Remain Rattled by Concerns over the Political Direction of the United States

August 18, 2017

The dollar lost 0.5% overnight against the yen, loonie, kiwi and Aussie dollar. The greenback also dipped 0.1% versus the euro, Swissy, yuan and sterling. Japan’s Nikkei dropped 1.2% or 232 points overnight. In other selected markets around the Pacific Rim, stocks lost 1.0% in Hong Kong, 0.9% in India, 0.6% in Australia and 0.5% […] More

Market Moved By ECB Minutes

August 17, 2017

The “Account” of the ECB Governing Council Meeting on July 19-20 expresses concern about the euro, which has been rising in response to fundamental improvement in the economy, possibly strengthening too much, which could dull the recovery and delay a return to the inflation target. Although the risk of deflation has receded, inflation remains below […] More

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