Euroland PMIs

Many Central Bank Decisions and Released Data for Markets to Digest

December 14, 2017

The People’s Bank of China raised short-term interest rates by 5 basis points. The modest tightening was the first in nine months and painted as a response to the Fed’s rate hike on Wednesday. The ECB Governing Council left its interest rate structure unchanged. This includes a negative 0.40% overnight deposit rate. Officials reiterated that […] More

House Vote, Some PMI Results, and Divergent Interest Rate Moves

March 24, 2017

It’s deja vu this Friday. The repeal and replace vote in the U.S. House of Representatives to replace the ACA with the Republican Insurance Policy, which was scheduled for Thursday, is to happen instead today. President Trump wants no more negotiations on this. The result looms as a huge test of the new president’s ability […] More

Wednesday Before Thanksgiving Rundown

November 23, 2016

The dollar gained broad ground, closing near the day’s highs including 112.53 per yen. Japanese markets were closed for Labor Thanksgiving. Stocks and bond yields climbed. Gold fell below $1,200 per ounce and WTI oil touched $48.0 per barrel. Bank Negara Malaysia retained a 3.0% overnight policy rate as expected. Preliminary PMI surveys were reported […] More

Favorable Developments

October 24, 2016

Stocks strengthened. Long-term bond yields slipped a bit. Preliminary purchasing managers indices in October beat expectations. Japan’s trade surplus widened on better-than-anticipated exports. Portugal’s credit rating avoided a downgrade. Spain’s stalled politics took a step forward. Corporate news has been more supportive than assumed. The dollar is narrowly mixed. it’s up 0.2% against the yuan […] More

Weaker Canadian, Australian and U.S. Dollars

January 23, 2014

The U.S. dollar rose overnight by 1.0% against the Aussie currency and 0.6% versus the loonie but is down 0.9% relative to the Swiss franc, 0.3% against the yen and euro and 0.1 vis-a-vis sterling.  The kiwi dipped 0.1%, and the yuan is steady. Preliminary euro area purchasing manager January survey results are somewhat better […] More

Attention to Central Banks and PMI Data

November 21, 2013

The Bank of Japan did not change monetary policy nor its economic assessment but did upgrade its view of overseas economic conditions.  Governor Kuroda talked confidently about economic trends and the achievements so far of quantitative and qualitative monetary stimulus. Chatter continues after FOMC minutes proved a bit more hawkish than expected.  Reserve Bank of […] More

European Stocks Up in First Post-Easter Trading

April 2, 2013

Equities have risen 1.2% in France and Germany, 1.0% in Britain, 0.7% in Spain and 0.4% in Italy.  Most of Europe was shut for Easter Monday yesterday.  The Cypriot exchange also finally reopened.  Stocks in the Pacific Basin closed mixed with drops of 1.3% in The Philippines, 1.1% in Japan, 0.5% in South Korea and […] More

Overnight Markets Uneasy

February 21, 2013

Equities dropped 3.4% in China, 2.3% in Australia, 1.7% in Hong Kong, 1.6% in India, 1.4% in Japan, 1.2% in Thailand, and 1.0% in New Zealand.  In Europe, share prices have so far slumped 2.9% in Italy, 1.9% in Germany and France, 1.8% in Spain and 1.7% in Britain. Bonds were hit in Europe.  The […] More

Manufacturing Purchasing Managers Spread Widened Last Month

September 1, 2011

Manufacturing in the euro area contracted last month for the first time since July 2009 as the region’s PMI index fell 1.4 points to 49.0.  Sub-50 readings were registered in France (49.1), Italy (47.0), Ireland (49.7), Spain (45.3), and Greece (43.3).  Germany (50.9) and the Netherlands (50.7) had scores barely above the 50 breakeven line.  […] More

Dollar Strengthened in Wake of Late Wednesday’s Surprise Fed Discount Rate Hike

February 19, 2010

At 19:30 GMT yesterday after U.S. markets had closed, the Fed announced a 25-basis point increase in its discount rate to 0.75%.  The FOMC minutes this week had served notice that such a move could occur soon and would not be meant as a signal of tightening monetary policy but rather another part of an […] More

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