German industrial orders
Markets Less Fearful
June 7, 2017
The troubled Banco Popular in Spain is being acquired by Banco Santander, easing concerns about the banking system in Euroland’s fourth largest economy. Donald Trump announced the nomination of a former assistant attorney general from the Bush43 administration, Christopher Wray, to be FBI Director. The timing of this revelation one day before the highly awaited […] More
Euro and Ezone Stocks Fall Despite Big Win for Macron
May 8, 2017
The centrist candidate for president of France, Macron, beat Le Pen by a rough margin of two to one. Stock markets in Asia closed higher, but European markets are down 1.0% in France, 0.9% in Spain, 0.5% in Italy, and 0.3% in Germany. The dollar, moreover, rose 0.5% against the euro, 0.7% relative to the […] More
New Turn of Events on Several Fronts
April 6, 2017
At an unscheduled Czech National Bank policy meeting, the 27 koruna per euro ceiling imposed since November 2013 was lifted, and the currency strengthened marginally over 1.0% in response. The backdrop for the change is near-target inflation and sustaining growth. A discretionary role for intervention on an as-needed basis has been retained. Chinese President Xi […] More
Dollar Mostly Higher but Only Slightly So
March 7, 2017
The dollar shows overnight gains of 0.3% against the Swiss franc and sterling, 0.2% relative to the kiwi, and 0.1% vis-a-vis the yen, loonie and euro. The dollar fell 0.5% against the peso and 0.2% versus the Australian currency. The yuan is steady after unexpected news that Chinese international reserves, which in January dipped under […] More
Political Concerns Outweigh Data Strength
February 6, 2017
France’s National Front’s pre-presidential election manifesto was released, calling for France to leave the European Union and for tighter restraints on immigration. It was always a bit peculiar how an investment community prior to the U.S. election had been publicly worried about the Republican candidate’s “drain the swamp” promise but converted to true believers afterward. […] More
Some Guarded Relief as Stocks Rally around the World
November 7, 2016
Knowing that it won’t be over until it’s over, global stocks nonetheless rallied on yesterday’s FBI announcement that the investigation of emails found on Anthony Wiener’s computer did not change the original conclusion from July that Hillary Clinton did not commit any criminal acts warranting the Bureau to press charges against her. Share prices closed […] More
Waiting for Friday’s U.S. Jobs Report
October 6, 2016
The dollar firmed 0.4% against the Swiss franc and Aussie dollar, 0.3% relative to sterling, 0.2% versus the euro, loonie and kiwi, and 0.1% against the yen. Chinese markets remain closed. Tomorrow’s jobs reports is not expected to dampen current speculation that the Fed will tighten by December and maybe even in November. Oil’s upward […] More
Message of Jackson Hole Didn’t Stick
September 6, 2016
Speeches and various comments emerging from the Jackson Hole Symposium late last month had been coordinated to plant in investors’ minds the notion that the Fed would be raising its interest rate sooner than assumed and that two hikes before yearend in fact remained possible. The shift in market psychology was only fleeting, however, and […] More
Markets Moved by Fed Rhetoric and British Opinion Surveys
June 6, 2016
With less than three weeks until the U.K. voter referendum on whether to remain part of the European Union, two surveys showed more people wanting to exit than to stay, although the margin was narrow in each case. Sterling has fallen 0.7% against the dollar, but the Ftse is 1.0% stronger. Commodities are up in […] More
Mark Time March Ahead of U.S. Jobs Report
February 5, 2016
In a week that’s seen the dollar drop its most in several years, the U.S. currency shows scant net change overnight, dipping 0.1% versus the loonie, Swissie and kiwi while edging 0.1% higher against the yen, euro and Aussie dollar. The greenback has gained 0.2% relative to sterling and is unchanged versus the yuan. Equities […] More
