Several Preliminary Purchasing Manager Surveys Support Cautious Optimism

May 22, 2014

Late Wednesday, investors were heartened by the dovish tone of the FOMC minutes.  News that China’s HSBC-compiled purchasing managers index for manufacturing had risen 1.6 points to a 5-month high of 49.7 provided another upbeat impulse to the mood.  In other PMI news, Japan’s factory PMI rose 0.5 points to a 2-month high of 49.9.  […] More

No Kidding Around: Many PMIs, Japan’s Tankan, and Interest Rate Decisions in Australia and India

April 1, 2014

Currency markets have hardly reacted to a ton of data on this April Fool’s Day.  The dollar has edged 0.1% higher against the yen, loonie, sterling and Australian dollar and 0.1% lower versus the euro, Swiss franc and yuan.  The Australian dollar is down 0.4% after the RBA’s announcement of an unchanged 2.5% Official Cash […] More

Significant Day for Data Releases

December 4, 2013

The dollar climbed against commodity-sensitive currencies, gaining 1.2% against the Aussie dollar, 0.5% versus the kiwi and 0.1% relative to the loonie. Opec oil ministers meeting in Vienna hope to leave production quotas unchanged in an effort to keep price stable and near $100 per barrel.  WTI oil advanced 1.3% overnight to $97.25 per barrel.  […] More

Data Surprises – Both Good and Bad

July 24, 2013

Euroland preliminary PMI results were better than hoped. The composite Ezone PMI of 50.4 broke above the 50 no change threshold to an 18-month high.  Manufacturing at 50.1 was at a 24-month peak, while services at 49.6 was at an 18-month high and reinforced a picture that the recession seems to be bottoming. Germany’s 52.8 […] More

Equities Hit by New European Concerns

July 3, 2013

Portugal’s foreign minister, and the head of the center-right coalition partner, resigned.  The root cause is an old theme, mounting intolerance to relentless and unworkable austerity.  Portuguese and Greek sovereign debt under new pressure.  The political mess in Egypt where PM Morsi refuses to step down also is promoting a risk-off atmosphere. Share prices slumped […] More

Hot Fun in the Summertime: Good Data Reported in Japan and Europe

July 1, 2013

The Bank of Japan’s quarterly corporate survey revealed a 12-point advance to +4 in the diffusion index for large manufacturers, a 6-point increase to +12 in the index for large non-manufacturers, and sharp upwardly revised investment plans for the present fiscal year. France, Italy, Spain, the Netherlands, Ireland, Austria, and Greece reported higher purchasing manager […] More

Disastrous Day for Share Prices in Asia and Europe

May 23, 2013

Japan’s Nikkei-225 index plunged 7.3%, the most for any single session since March 15, 2011 and the second greatest daily drop since October 24, 2008. Elsewhere in the Pacific Rim, stocks fell by 2.5% in Hong Kong, 2.0% in Australia, 1.9% in Taiwan and India, 1.8% in Singapore, 1.7% in Indonesia, 1.3% in China, 1.2% […] More

Weaker Aussie Dollar on Rate Cut Speculation

May 6, 2013

The U.S. currency has climbed 0.7% against the Aussie dollar but is otherwise fairly stable relative to Friday closing levels. Australian retail sales fell 0.4% in March.  It was the first decline since December. Australian job ads dropped 1.3% in April, more than twice as fast as the 0.5% decrease in March. The MI-TD gauge […] More

Whipsawed by Fed, ECB, and Then U.S. Labor Statistics

May 3, 2013

It’s been a week full of surprises but ultimately accentuating Europe’s relatively dismal outlook. The Fed on Wednesday left its policy guidance unchanged and affirmed the data-driven algorithms that will dictate future decisions.  While the ADP private jobs estimate that day was disappointing, new jobless insurance claims out Thursday of 324K, a 5-year low, and […] More

Waiting for the FOMC Statement and Some U.S. Data

May 1, 2013

Many markets around the world are closed today for Beltane and May Day celebrations.  These include China, Germany, France, Italy, Greece, Portugal, Spain, South Korea, India, Singapore, Thailand, Malaysia, Sri Lanka, Vietnam, the Philippines, Hong Kong and Taiwan. The Federal Open Market Committee will release a statement at 14:00 EDT (18:00 GMT).  No press conference […] More