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March 12, 2024
U.S. February consumer price data will be released within the half hour and are expected to reflect an unchanged year-on-year rate but lower underlying price pressure. In the meantime, the dollar has risen overnight by 0.3% against the yen and 0.2% versus sterling but is otherwise just marking time. Ten-year sovereign debt yields have dropped […] More
Tags: Central Bank of Argentina, Central Bank of Armenia, Japanese PPI, U.S. CPI
Posted in New Overnight Developments Abroad - Daily Update | Comments Off on Calm Before U.S. CPI Release
March 11, 2024
This week brings the release of U.S. consumer price data tomorrow, U.S. producer prices on Thursday and U.S. import prices due Friday. China reported CPI and PPI figures today, Japanese producer prices arrive Tuesday as do Brazil’s CPI and the finalized German CPI data. Barring a big surprise, the likeliest initial Fed rate cut is […] More
Tags: China CPI and PPI, Japanese and Israeli GDP, Turkish retail sales and unemployment
Posted in New Overnight Developments Abroad - Daily Update | Comments Off on Market Focus Swings Back to Inflation
March 8, 2024
Fed Chairman Powell’s depiction of the U.S. economy continues to exert a mildly negative effect on the dollar, which remains firm historically but fell another 0.6% overnight against the yen and to is lowest euro-translation value since mid-January. Powell described the U.S. economy as being in a good place, with comparatively lively growth in GDP […] More
Tags: Central Reserve Bank of Peru, Euroland GDP and Jobs Growth, German industrial prodution, Japanese current account and household spending, U.S. and Canada jobs data
Posted in New Overnight Developments Abroad - Daily Update | Comments Off on Strongest Euro Since Mid-January
March 7, 2024
Scheduled monetary policy reviews at the European Central Bank, National Bank of Serbia, and Central Bank of Malaysia left key interest rates unchanged at 4.5%, 6.5%, and 3.0%, respectively. No changes had been expected. Bank of Japan Board member Nakagawa made remarks affirming that Japan’s economy is closer to achieving the central bank’s inflation target […] More
Tags: Bank Negara Malaysia, Chinese trade balance, ECB policy statement, German industrial orders, National Bank of Serbia, State of the Union address tonight, U.S. trade deficit and productivity
Posted in New Overnight Developments Abroad - Daily Update | Comments Off on Investors Focused on Monetary Policies, Inflation, and Biden’s State of the Union Address Tonight
March 6, 2024
Fed Chairman Powell’s semi-annual Humphrey-Hawkins testimony before the House Financial Services Committee begins today at 10:00 EST ((15:00 GMT). The Fed’s website already has published a summary of his opening statement. We believe that our policy rate is likely at its peak for this tightening cycle… The Committee does not expect that it will be […] More
Tags: British spring budget, Central Banks of Egypt and Uganda, Euroland and British construction PMIs, Euroland retail sales, German trade surplus, super Tuesday U.S. primary results
Posted in New Overnight Developments Abroad - Daily Update | Comments Off on Much to Absorb This Wednesday
March 5, 2024
There’s an uneasy mood in the financial community. The likelihood of a second and far more chaotic Trump presidency keeps growing. Once today’s U.S. primary results are counted, the Republican nomination race will be effectively over. Meanwhile, the Democrats can’t find a convincing way to dispel comparisons of Biden’s current health to those of Woodrow […] More
Tags: composite and service sector purchasing manager surveys, Euroland producer prices, GDP growth in South Korea and South Africa, Tokyo CPI
Posted in New Overnight Developments Abroad - Daily Update | Comments Off on Contending With Super Tuesday Primaries, China’s Lackluster Growth Outlook, and Uncertain Monetary Policy
March 4, 2024
On this stereotypically quiet Monday, one financial market headline trumpets the first time Japan’s Nikkei-225 equity index closed above 40,000. Such had set a new record high last week for only the first time in over 34 years. The previous closing peak of 38,916 had occurred on Japan’s final business day of 1989. To put […] More
Tags: Japanese Nikkei, Price of Bitcoin, Turkish and Swiss CPI
Posted in New Overnight Developments Abroad - Daily Update | Comments Off on Contrasting Inflation Reports from Turkey and Switzerland
March 1, 2024
U.S. stock futures are marginally softer after Yesterday’s rally. This contrasts with share price gains of 1.9% in Japan, 0.7% in India, 0.6% in Australia and the U.K. so far, 0.5% in Hong Kong and Germany so far and 0.4% in China. Whereas the 10-year U.S. Treasury yield has shed two basis points, comparable yields […] More
Tags: Euroland CPI, Euroland unemployment, Japanese consumer confidence, John Williams, manufacturing purchasing managers surveys
Posted in New Overnight Developments Abroad - Daily Update | Comments Off on Lots of Economic Data Around the World to Start New Month
February 29, 2024
Markets today are most focused upon inflation, with investors and analysts expected the U.S. PCE price deflator due shortly to arrive on the high side. For political wonks, however, the paramount issue involves America’s failed immigration system and the dysfunctional Congress that won’t address the problem. Migration favors Trump’s quest for reelection, which if successful […] More
Tags: German CPI and retail sales, India GDP, Japanese retail sales and industrial production, Swiss and Swedish GDP, Turkish GDP, U.S. PCE price deflator
Posted in New Overnight Developments Abroad - Daily Update | Comments Off on Dueling U.S. Economic and Political Concerns
February 28, 2024
Michigan voters, whose support was critical to Joe Biden’s 2020 election win, dealt him a big setback in yesterday’s Democratic Party primary. Almost 101k voters made an organized protest against U.S. military support for Israel by casting an “uncommitted ballot. In addition to votes for Williamson and Phillips, that meant that almost 1 in 5 […] More
Tags: Canadian current account, Euroland economic sentiment, Reserve Bank of News Zealand, U.S. GDP growth
Posted in New Overnight Developments Abroad - Daily Update | Comments Off on Lots of Data and Some Other Surprising Developments
