Manufacturing PMIs

Stocks and Sovereign Debt Yields Up on Better-than-Expected Chinese and British Manufacturing Data

April 1, 2019

This is not an April Fool’s joke. China’s NBS manufacturing purchasing managers index climbed 1.3 points to a 6-month high of 50.5 in March from February’s 3-year low, while the Caixin-compiled Chinese manufacturing PMI reading of 50.8 constituted an 8-month high. Also, the NBS nonmanufacturing PMI rose 0.5 points to a 6-month high as well […] More

U.S. Manufacturing Edge Versus Euro Area Increased Last Month

February 1, 2019

The ISM-compiled U.S. manufacturing purchasing managers index rose 2.3 index points in January, while IHS-compiled counterpart fell 0.9 points. Consequently, the differential between these two data series, which had narrowed from 7.0 points in November to 2.9 index points in December, ballooned back to 6.1 points in January. This strong U.S. advantage exists in spite […] More

Manufacturing PMIs Convey Global Slowdown for the Most Part

February 1, 2019

Shortly ahead of the release of January U.S. labor market statistics, the dollar is mostly marking time, with no net change against the yen or loonie, downticks of 0.2% against the euro and 0.1% versus the Swiss franc and kiwi, and upticks of 0.6% relative to the yuan, 0.4% vis-a-vis sterling, 0.2% against the Aussie […] More

Ugly Start to a New Year

January 2, 2019

In the first session of 2019, stock markets slumped 3.1% in Hong Kong, 1.8% in Taiwan, 1.6% in Australia,, 1.5% in South Korea and Vietnam, 1.2% in China, and 1.0% in India and Singapore. There was mercifully no trading in Japan or New Zealand due to holiday closures. In Europe where the Swiss market was […] More

Dollar Down, Stocks Mostly Up Overseas

November 1, 2018

The dollar fell overnight on this first day of November by 1.5% against the kiwi, 1.3% relative to the Australian dollar, 1.0% vis-a-vis the peso and sterling, 0.7% versus the euro, 0.6% against the Swiss franc, and 0.4% relative to the loonie and yuan. The yen, in contrast, remains unchanged against the dollar. Share prices […] More

New Month Kicks Off with Further Evidence of Accelerating Turkish Inflation, a Whole Lot of PMI Surveys, and North American Holidays

September 3, 2018

U.S. and Canadian Markets are closed for Labor Day holidays. Turkish CPI inflation accelerated two percentage points to 17.9% in August, its highest level since the end of 2003. PPI inflation catapulted to 32.3% from 17.4% the month before. In response, officials at Turkey’s central bank have promised to tighten monetary policy soon. Bank of […] More

Assessing July Factory PMIs and Awaiting FOMC Statement

August 1, 2018

A parade of more than twenty purchasing manufacturing indices released today showed weaker July than June conditions by a ratio of five to one. Today’s FOMC decision is neither expected to entail an interest rate change nor any back-down of resolve following President Trump’s criticism that the Fed has been too quick to raise interest […] More

Third Quarter Begins with Dramatic Dollar Appreciation and Stock Market Losses

July 2, 2018

The dollar strengthened 1.1% versus the peso and kiwi, 0.8% relative to the yuan and Australian dollar, 0.7% against the euro and sterling, 0.6% vis-a-vis the Swiss franc, 0.4% against the loonie but just 0.1% versus the yen. Share prices slumped 2.5% in China, 2.4% in South Korea, and 2.2% in Japan as well as […] More

Even Ominous Reductions of Uncertainty Bring Market Relief

June 1, 2018

Share prices in Europe have rallied 2.6% in Italy, 2.0% in Greece, 1.8% in Spain, 1.4% in Switzerland, 1.2% in France, 0.9% in Germany, and 0.7% in Great Britain. A higher stock market open is indicated in the United States. Overnight results in the Pacific Rim were mixed, with stocks rising 0.7% in South Korea […] More

An FOMC Announcement and Lots of Data Releases

May 2, 2018

In this second day of the third FOMC policy review of 2018, a statement will be released at 14:00 EDT (18:00 GMT). No rate changed is expected, and no subsequent press conference is scheduled. The fed funds target was last raised at the prior March 21-22 meeting. In light of further evidence of rising inflation, […] More

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