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New Overnight Developments Abroad – Daily Update

Sterling and European Share Prices Falter

October 14, 2019

In this important week for the fate of Brexit, sterling dropped 0.9% against the dollar overnight. On a day with holiday closures in the United States (Columbus Day), Canada (Thanksgiving), and Japan (Health Sports Day), the dollar otherwise advanced 0.7% against the kiwi, 0.2% versus the euro, and 0.5% relative to the Australian dollar but […] More

An Active Friday in the Market Caused by Breaking Geopolitical News

October 11, 2019

An Iranian oil tanker in the Red Sea was the object of rocket attacks and is spilling oil. The missiles are believed to have been fired by Saudi Arabia. WTI crude oil rose 1.6% in response. British Prime Minister Johnson and Irish PM Varadkar after bilateral talks said they could see a pathway to a […] More

Dollar and Yen Fell in Tandem

October 10, 2019

The dollar and yen dropped overnight by 0.6% against the New Zealand and Australian currencies, 0.5% relative to the euro, 0.3% versus the Swiss franc and peso, 0.2% relative to the loonie and sterling and 0.1% against the yuan. Ten-year U.S. Treasury and Japanese JGB yields are unchanged, whereas their German and British counterparts increased […] More

New Hope Regarding Upcoming U.S.-Sino Trade Talks

October 9, 2019

Trade talks between U.S. and Chinese officials resume tomorrow in Washington. Pessimism about their outcome had pummeled share prices on Tuesday, but the mood has improved because of reports that the Chinese seek some kind of partial accord. Today is Yom Kippur, the holiest day of the Jewish calendar. Also, South Koreans are observing Hangeul […] More

Stocks Hit by Geopolitical Factors

October 8, 2019

Share prices in Germany, France, Italy, and Spain are down over 1.0%, and a lower U.S. open is implied by futures. Brexit talks between the U.K. and EU are seemingly paralyzed, and the U.S. blacklisting of Chinese tech firms over treatment of Uighur Muslims underscores trade tensions between the the two countries. Share prices in […] More

Unsettling Geopolitical News Over the Weekend and Some Weak Data Released Today

October 7, 2019

The Brexit deadline is now 24 days away, and  British Prime Minister Johnson is still insisting on leaving the EU at monthend with or without a deal. He’s unwilling to compromise further. U.S.-Sino trade talks resume Thursday, but it’s reported that while the U.S. wants a comprehensive agreement, China seeks a more limited scope in […] More

Investors Uneasy Awaiting U.S. Jobs and Trade Data

October 4, 2019

Today’s big question is whether the U.S. jobs statistics due in an hour corroborate other weak data released during the past month. Yesterday brought stunning news that the non-manufacturing purchasing managers index slumped 3.8 points in September to a 3-year low and embodied drops of 6.3 points in production and 6.6 points in new business. […] More

Technical Recessions in Germany and U.K. and More Impeachment Drama in the U.S.

October 3, 2019

Composite purchasing manager surveys that embody non-manufacturing as well as manufacturing activity released for several countries in Europe by and large underperformed expectations. Most alarming were the reports for Germany and the U.K., each of which recorded slight contractions of real GDP in the second quarter. The German service sector PMI dropped 3.4 points in […] More

Nervous Market Tone Continuing

October 2, 2019

Investors remain leery that policymakers are up to the task of containing the slowdown of global growth. Monetary stimulus has grown old and less effective, while fiscal support is largely missing in action. The trade war motors on even as evidence such as the September purchasing manager surveys show that nobody wins. British Prime Minister […] More

Geopolitical Strains, Weak Data, and a Poor Bond Auction as New Quarter Kicks Off

October 1, 2019

As China observes National Day, increasingly violent protests in Hong Kong evoked a Kent State moment as one protester has been shot there. Half a world away, President Trump’s team stepped up its manhunt for the impeachment whistle blower. Britain, too, is convulsed by its own constitutional crisis, ans the Conservative Party prepares for its […] More

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