German IFO Business climate index

Risk Aversion on Adverse Coronavirus News

October 26, 2020

The week before the U.S. election opened with equity markets on the defensive, led by drops of 2.4% so far in the German Dax, a 0.8% decline in China’s Shanghai Composite index, and losses of 0.7% in France, Italy, and South Korea. There are holiday closures in New Zealand for Labour Day, Austria for National […] More

More Evidence of Deep and Global Economic Downturn

April 24, 2020

Dollar movements on the final day of the week have been comparatively modest and somewhat mixed against other major currencies. The price of West Texas Intermediate crude oil extended its rebound but is currently still down 7.6% since last Friday’s close. Gold is little changed. Further substantial declines of 9-10 basis points have occurred today […] More

Getting Down to Crunch Time in Sino-U.S. Trade Talks

February 22, 2019

Stocks fell Thursday on some disappointing U.S. economic data but have rebounded Friday, as investors are choosing to believe that Sino-U.S. trade talks will reach an agreement averting an escalation of the tariff war.  Share prices rose 1.9% in China, 1.2% in Hong Kong, and 0.5% in Australia, and European bourses are up by 0.5% […] More

Market Eyes U.S. Tax Bill

December 19, 2017

President Trump’s signing of a broad tax bill appears fairly imminent. The House of Representatives will vote on the bill today; passage is assured. A senate partisan vote, where Republicans hold a narrower majority, could occur late today and most likely no later than Wednesday. Equities in Asia mostly advanced overnight after a strong U.S. […] More

Euro Dips Briefly Below $1.05

February 22, 2017

Concerns that European nationalism may break the EU apart caused the euro to dip to an overnight and 6-week low of $1.0493 and 10-year sovereign debt yields to fall five basis points in The Netherlands, 4 bps in Germany, 3 bps in France, Italy and Britain. Equity markets in Continental Europe are down 1.0% in […] More

Unsettled Day

November 24, 2015

Turkey claims to have downed a Russian warplane. Investors now attach nearly a 3-in-4 probability to the Fed funds rate being raised in December, according to market indicators. The euro is trading in the mid-1.06s to the dollar, and the yen is hovering around 122.5. Stock prices are lower in Europe.  German, British and Italian […] More

A Collapse in Chinese Equities

July 27, 2015

An 8.5% drop in the Chinese Shanghai Composite Index was the biggest daily decline since February 2007 and depressed investor sentiment in other markets, where stocks fell 4.0% in Hong Kong, 2.4% in Taiwan, 2.0% in India, 1.8% in Indonesia 1.2% in Singapore and 1.0% in Japan.  In European trading, equities are down already by […] More

Kiwi Stronger

April 24, 2013

The New Zealand dollar, known as the kiwi, got a lift from the central bank policy statement.  Although the Official Cash Rate was left at 2.5% and the monetary policy outlook predicting the OCR will likely remain at that low level all year was also not changed, investors reacted to an upgraded assessment of New […] More

New Lows for Yen & Sterling and Highs for Euro

January 25, 2013

Currencies hit new 2013 extremes overnight.  The yen fell as low as 91.03 per dollar and 122.315 per euro.  The euro touched a high of $1.3465, while sterling slipped as low as $1.5746. On balance since the Thursday close, the dollar rose 0.6% against the yen, 0.2% versus the loonie, and 0.1% relative to the […] More

Dollar’s Turn to Decline

July 25, 2012

Wednesday trading has seen a slight correction.  The dollar has fallen 0.7% against the euro, which is back above $1.2100.  The dollar also fell by 0.7% relative to the Swiss franc and is off 0.5% versus the Australian dollar, 0.4% against the loonie, and 0.3% vis-a-vis the kiwi.  The dollar is 0.1% higher against the […] More

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