German current account

Divergent Equities in Europe and Asia

July 8, 2013

In the Pacific Rim, stocks dropped sharply by 3.7% in Indonesia, 2.8% in China and the Philippines, 1.3% in Hong Kong, 1.4% in Taiwan and 0.9% in South Korea and India.  Australian share prices closed 0.7% lower, and Japan’s Nikkei dropped 1.4%.  But in Europe, equities have risen 2.3% in Germany, 2.0% in France, 1.6% […] More

Yen Surprise

February 8, 2013

The Japanese yen rose 1.1% against the dollar, strengthened by the remarks of Finance Minister Aso that the currency’s fall from 78 through 90 had been faster than expected.  There was confusion around the translation of exactly what he said.  Make no mistake, however, officials led by Aso and Abe had previously engaged in verbal […] More

Stocks Fall Following One-Week Closure of Chinese Markets

October 8, 2012

China’s whole-week National holiday is over, but markets are closed today in the United States for Columbus Day, Canada for Thanksgiving, and Japan for Health-Sports Day. The World Bank downgraded projected Chinese GDP growth in 2012 and 2013 by a half-percentage point each to 7.7% and 8.1%, respectively.  Other Asian growth forecasts have also been […] More

European Equities and Euro Turn Lower

August 8, 2012

The euro and Swiss franc that shadows it are each 0.3% weaker against the dollar, which otherwise has lost 0.4% versus the yen, 0.2% relative to sterling and 0.1% against the Australian dollar and yuan.  The greenback has edged 0.1% higher against the kiwi. Stock prices are down 1.5% in Spain, 0.5% in Britain and […] More

Gloom about Europe Overshadowing Everything Else

May 9, 2012

The view is gaining support that Greece will soon abandon the euro, triggering a chain reaction that will spread to Spain and beyond.  IMF/EU/ECB aid monitors have scrapped plans to visit Greece this month pending clarification of that nation’s political situation.  It seems Greece may hold new elections on June 17, the same day as […] More

Euro Climbs to Best Level Since December 12

February 8, 2012

Although Greek officials still have not reached a final austerity package accord that would permit a second bailout of EUR 130 billion, progress is said to be occurring, and the euro advanced to $1.3290.  That’s 5.3% stronger than the January 16th low of $1.2623.  Investors seem to be concluding that there’s no realistic alternative to […] More

German-French Accord to Recapitalize European Banks

October 10, 2011

French President Sarkozy and German Chancellor Merkel on Sunday announced an agreement to ensure sufficient capitalization of European banks. Although few details of the accord were released, markets reflect new appetite for risk.  The dollar fell 2.1% against the Swissie, 1.7% relative to the Aussie dollar, 1.6% against the euro, 1.4% versus the kiwi, 1.1% […] More

Continuing Market Upheaval

August 9, 2011

Investors continue to wait in vain for governments and central banks to take action and stop the turbulence.  The FOMC meets today and will release a statement at 16:15 GMT amid speculation that QE3 will be undertaken, but no press conference is scheduled.  The ECB was again buying peripheral bonds today, and Spanish and Italian […] More

Risk Aversion Sends Stocks and Commodities Lower and Yen and Dollar Higher

June 8, 2011

Euroland officials still haggling over the composition of a Greek bailout. OPEC ministers meeting in Vienna have range of stands over whether to raise oil production. Moody’s again warns that British AAA sovereign debt rating may get downgraded. Today’s release of the Fed Beige Book of regional trends comes amid mounting concern that U.S. growth […] More

Euro Falters on Irish Budget Concerns

November 8, 2010

The dollar rose 0.9% against the euro, 0.6% versus the Swiss franc, 1.1% against the New Zealand kiwi, and 0.4% against the Canadian dollar and sterling.  The dollar is also 0.5% and 0.3% lower against the Australian dollar and Japanese yen but unchanged relative to the Chinese yuan. Press reports over the weekend observed many […] More