Euroland PMI

Three-Pronged Blow to European Confidence

May 23, 2018

Italy is poised to get a populist, anti-euro, anti-austerity, and pro-Russia governing coalition. Being the third largest economy to use the euro, this development poses an existential risk to the common European currency that is far greater than the debt problems of Greece. Ten-year sovereign debt yields rose 10 basis points today in Italy in […] More

Some Weaker-Than-Expected European Data

February 21, 2018

Preliminary February purchasing manager survey estimates from the euro area and the latest British labor statistics were softer than forecast. The next significant market-moving event will be the release of FOMC minutes at 19:00 GMT today. The dollar rose 0.4% against the Aussie dollar and sterling, 0.2% relative to the loonie and 0.1% versus the […] More

International Tensions Over Trade Deepen

January 24, 2018

Former U.S. Secretary of Treasurer Robert Rubin famously said in 1995 that a “strong dollar is in the best interest of the United States” because it promotes price stability, lowers interest rates, and attracts productive foreign capital. That thinking went on to characterize U.S. policy for more than 20 years until the election of President […] More

Wait-and-See Mode

October 24, 2017

With much yet to be learned, investors seem to be of the view that on this day of a thin data release calendar that it’s best to wait and see Whom Trump picks to be the next Fed Chair. The details of ECB quantitative stimulus going forward into 2018 Whether the Catalonia crisis ends peacefully […] More

Fresh Concern about North Korea and Other Stuff to Watch

September 22, 2017

Escalated saber-rattling between North Korea and the United States drove the dollar lower overnight. The greenback lost 0.6% against the peso, 0.5% versus the yen, loonie and Aussie currency, 0.3% vis-a-vis the euro and 0.2% against the kiwi and Swiss franc. The yuan is steady, and sterling dipped 0.1%. General elections will be held this […] More

Markets Hedging Against Possible Trump Win

November 2, 2016

U.S. opinion polls indicate a considerably tighter race between Trump and Clinton. International investors are extremely worried about a Trump presidency. Some people are withdrawing cash just in case. Best scenario may be a narrow Clinton victory, continuing Republican control of Congress, stalemated governance in Washington, and the uncertainty of what the Clinton emails might […] More

Other Realities Like Soft Growth Intrude

September 23, 2016

Markets had by and large enjoyed a good week through Thursday, buoyed by the dovish decisions of the Fed and Bank of Japan. Compared to closing levels last Friday, 10-year sovereign debt yields are down eight basis points in the United States, 9 bps in Germany, and 16 bps in Great Britain. Stocks had rallied. […] More

Last Jobs Report Before Election Day

November 2, 2012

U.S. stocks rallied yesterday in response to a slew of better-than-forecast economic statistics — the ISM manufacturing survey, consumer confidence, the ADP and jobless claims.  Asian share prices picked up that tone, climbing Friday by 1.3% in Hong Kong, 1.2% in Japan, 1.1% in South Korea, 0.7% in Thailand, 0.5% in Singapore and 0.4% in […] More

No Breakthrough at EU Summit on Greece

May 24, 2012

EU leaders in Brussels produced no fresh ideas on Greece.  Germany still is resisting euro bonds, yet uncertainty over the status of Greece and the risk of contagion is hurting Germany’s economy more discernibly. Stocks are higher in Europe, nonetheless.  The British Ftse, Paris Cac, and German Dax have so far rebounded by 1.2%, 1.0% […] More

June PMIs: A Much Better Month for the United States Than Euroland

July 6, 2011

The U.S. minus Ezone purchasing managers differential among manufacturers swung from negative 1.1 in May to +3.3 in June, and the spread between their respective service-sector PMI readings rose a full point from negative 1.4 in May to minus 0.4 last month.  All four PMI levels in June, shown in the bottom row of the […] More

css.php