Equities Closing Week on a Down Note

July 19, 2013

Microsoft and Google reported weaker-than-expected earnings, sending both stocks lower in after-hours trading. Japan’s upper house election on Sunday and ongoing worries about the extent of China’s slowdown are other uncertainties. In his reprised testimony before the senate Thursday, Fed Chairman Bernanke continued to send a mixed, and therefore somewhat confusing, message.  While not backing […] More

Weaker Yen and Stronger Share Prices after G20 Meeting

April 22, 2013

G20 central bank governors and finance ministers gave rubber-stamp approval to Japanese stimulus policies.  See my review.  Japan’s Prime Minister Aso said as much. The yen touched overnight lows of 99.90 per dollar and 130.70 per euro. Share prices in the Pacific Rim rose by 1.9% in Japan, 2.4% in the Philippines, 1.0% in South […] More

Statement of G20 Finance Ministers and Central Bank Chiefs Comments Favorably on Japan

April 21, 2013

On the sidelines of the IMF/World Bank meetings in Washington, financial leaders of the Group of Twenty met April 18-19 and released a statement that gives Japan not even an amber light but rather a green light to pursue its new policy program even if such depresses the yen further.  Using unmodified language, the statement […] More

Yen Weaker after G20 Statement’s Release

February 18, 2013

A statement from G20 finance ministers and central bank governors did not single out Japan.  Officials said competitive currency devaluations should be avoided by allowed domestic macroeconomic stimulus to promote growth and counter inflation that is too low are negative.  The yen fell to overnight lows of 94.23/USD and 125.93/EUR. China has reopened after the […] More

Data Releases Mixed and Plentiful

June 21, 2012

The formal Declaration of G20 Leaders, who met earlier in Los Cabos, Mexico, is big on general objectives but sparse on detailed actions. The FOMC Statement accentuated the U.S. economy’s increasing softness, but the stimulus of a 6-month continuation of Operation Twist did not surpass expectations.  Stocks were mostly lower overnight. New Democracy leader Samaras […] More

Watching G20 Talks and French Election

April 20, 2012

Finance ministers and central bank leaders from the Group of Twenty meeting in Washington are talking mostly about the euro debt crisis. The first round of French Presidential elections on Sunday is expected to set up a run-off contest on May 6 between the incumbent center-right Sarkozy and the Socialist candidate, Francois Hollande.  The term […] More

Eye on Central Banks and Spanish Banking System

April 18, 2012

The dollar advanced 0.7% against the yen, 0.4% versus the Swiss franc, and 0.3% relative to the euro.  The greenback is unchanged against the yuan and loonie, 0.1% higher versus the New Zealand and Australian dollars, and down 0.3% against the yen. Fresh worries about Spanish banks followed news from the Bank of Spain that […] More

Numerous Official Efforts to Halt Market Turmoil Mostly Failing

August 8, 2011

After markets closed Friday, S&P downgraded the U.S. credit rating from AAA to AA+ and retained a negative outlook, meaning more downgrades are possible. Stocks in Israel tumbled almost 7% on Sunday. G-20 finance ministers and central bank governors released a statement that “affirms our commitment to take all necessary initiatives in a coordinated way […] More

Many Data Releases and Ireland Gets a Ratings Downgrade

April 15, 2011

Moody’s downgraded Irish debt by two notches and left the outlook negative. Chinese GDP growth of 9.7% last quarter surpassed expectations of 9.4%.  GDP had risen 10.3% in 2010 and 9.8% between 4Q09 and 4Q10.  GDP advanced 2.1% quarterly between the final quarter of 2010 and first quarter of 2011.  Other data, many of which […] More

Geopolitical Tensions Boost Commodity Prices

February 21, 2011

North American markets will be closed today to commemorate President’s Day in the United States and Family Day in Canada.  Wintry weather has returned to the Northeast. China too has caught the contagious bug of social unrest.  President Hu urged tighter controls of the internet.  High food costs, as in the middle east, have been […] More