German factory orders

China Leads Overnight Selloff in Stocks

March 8, 2019

Downward pressure on global equities caused by evidence of a slowdown had been building this week but intensified overnight. Share prices in the Pacific Rim plunged 4.4% in China, 2.8% in Hong Kong, 2.0% in Japan, 1.3% in South Korea, 1.2% in Indonesia and Australia, and 1.0% in Singapore. In Europe so far, stocks are […] More

Awaiting U.S. Jobs Report and the Kavanaugh Vote and Watching Sino-U.S. Trade Dispute Intensify

October 5, 2018

Wednesday’s ADP estimate of private employment growth and very low jobless insurance claims suggest a very large jump in U.S. non-farm payroll jobs. The Labor Dept announces the figure at 08:30 EDT. A cloture procedural vote on the Kavanaugh debate mid-day should set the stage for a a full senate confirmation vote Saturday. Best guess […] More

Dollar and Treasury Yields Lifted by U.S. Jobs Report

August 4, 2017

The dollar rebounded sharply, advancing 1.0% against the euro, 0.8% relative to the yen and sterling, 0.7% versus the loonie, 0.6% vis-a-vis the Australian dollar, 0.5% against the Swiss franc and kiwi, 0.3% versus the peso and 0.2% relative to the yuan. The 10-year Treasury yield climbed six basis points to 2.28% and exerted coattails […] More

Chinese Trade Data, German Industrial Orders, More Greek Austerity, and an Austrian Political Crisis

May 9, 2016

China reported a wider $45.6 billion current account surplus in April, but that increase was overshadowed by a larger 10.9% on-year drop in imports and a return to on-year slippage in exports which fell by 1.8%.  Chinese reserves increased $6.4 billion on month to $3.219 trillion. German factory orders recovered more strongly than expected in […] More

Global Risk Aversion Ahead of U.S. August Jobs Report

September 4, 2015

Stocks in the Pacific Rim fell 2.2% in Japan and Indonesia, 1.5% in Singapore and South Korea, 0.7% in Hong Kong, 0.5% in New Zealand and 0.2% in China. Stocks in Europe are down 2.4% in Italy, 2.1% in Germany, 2.2% in France, 1.8% in the U.K., 2.0% in Spain, and 1.5% in Switzerland. Today […] More

Greek Voters Send Message

July 6, 2015

The “No” margin of victory, which exceeded 61% of the vote, far surpassed all expectations and has exposed the Achilles Heel of the common European currency experiment, namely its lack of adequate popular mandate ever since the project’s inception.  The Maastricht Treaty upon which EMU is based had to be ratified by all participating nations, […] More

Upbeat Winter EU Commission Outlook Boosts Euro

February 5, 2015

The euro has risen 0.8% against the dollar, overcoming the hard line taken by the ECB on acceptable Greek collateral for debt funding. The EU Commission released new GDP forecasts, showing positive projected growth by all member states for the first time since 2007.  Euro area growth this year was bumped higher to 1.3% from […] More

Persistent Fears about Ukraine Crisis Weaken Equities

May 7, 2014

Investors are tired of the America’s speak-loudly-but-carry-a-small-stick approach to the Ukraine crisis and other geopolitical hotspots, and frustration has been vented on equities, which also have been hurt by uninspiring corporate earnings this season.  Japan’s Nikkei tumbled 2.9%.  Equity losses elsewhere amount to 1.1% in Hong Kong, 1.0% in South Korea and Italy, 0.9% in […] More

Awaiting North American Jobs and Trade Data

April 5, 2013

Most stocks are weaker.  The dollar is little changed, and there’s been a big rise in Japanese long-term bond yields. The dollar eased 0.3% against the yen and has edged up 0.1% relative to the euro, Swissie, sterling, and Canadian, Australian, and New Zealand dollars.  The yuan is unchanged. Worries about a hostile North Korea […] More

Awaiting ECB and Bank of England Decisions Plus U.S. Data

July 5, 2012

Investors have high expectations that the ECB will cut interest rates and that the Bank of England will also ease policy. Scheduled U.S. data today include the ADP estimate of private sector jobs, the Labor Department weekly report of jobless insurance claims, weekly oil inventories, and the ISM non-manufacturing purchasing managers survey for June. The […] More