German industrial orders
The Fickle Nature of Investor Anxiety about a Trade War
April 5, 2018
Flip-flopping attitudes about the likelihood of a full-fledged intensifying trade war between China and the United States continues to be a big source of day-to-day changes in market behavior. There was panic earlier this week. Today, investors believe Trump and Jinping will negotiate a truce and forestall a trade meltdown. One problem with such optimism […] More
More Evidence of Strong Growth in the Euro Area
January 8, 2018
Economic sentiment in the euro area leaped 1.6 points to a December reading of 116.0, best since October 2000. Sentiment improved across the board — industry, households, services, retail, and construction. A separate measure, the business climate index, rose 1.7 points to the best score ever in this data series dating back to 1985. The […] More
Stocks Continue Week’s Retreat
December 6, 2017
Equities sold off 2.9% in Hong Kong, 2.0% in Japan, 1.6% in Taiwan, 1.4% in South Korea 1.2% in Singapore and 0.7% in New Zealand. Losses today in Europe so far amount to 1.0% in Germany, 0.5% in France and Spain, 0.4% in Italy and 0.3% in Switzerland. Technology has been hit hardest. With no […] More
Waiting for U.S. and Canadian Labor Market Statistical Releases
October 6, 2017
Investors await the U.S. Labor Department jobs report for September at 08:30 EDT, knowing that it will be badly distorted by the hurricanes that hit Texas and Florida. Canadian labor market figures are due also. Concern over Spain’s uncertain political tension continues to fester, tempering enthusiasm that otherwise would arise from upbeat data like today’s […] More
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
