Preliminary purchasing manager survey results
Renewed Appetite for Risk
February 22, 2024
Following a near-3% slide Wednesday prior to a better-than-forecast earnings report, Nvidia stock has shot up 13% in pre-open futures trading. The tech-intensive Nasdaq has climbed 2% in pre-market trading, followed by a 1.3% jump in the SPX and a lesser 0.4% DJIA advance. Other stock markets have done well, too. Japan’s Nikkei finally after […] More
Election Surprise in Spain, Weak PMI Data, and Looking Ahead to This Week’s Monetary Policy Announcements and Many Corporate Earnings Reports
July 24, 2023
Based on late May local election results and opinion polls, Spain’s center-right parties were expected to return to power at the national level. A Socialist-led coalition headed by Pedro Sanchez had ruled since mid-2018 captured only 122 seats, falling short of the 176-seat threshold to command a parliamentary majority. However, due largely to a seat […] More
Weaker Growth, Lessening Inflation, But Central Banks Not Done Tightening
June 23, 2023
Preliminary purchasing manager survey findings for June revealed a surprisingly steep softening of growth and subsiding inflation. However, inflation remains well above target and is exhibiting particular downside rigidity in the all-important service sectors. A slew of central bank policy reviews over the past two weeks elicited hawkish announcements for the most part. All in […] More
Weak Data Amplifies Market Concern and Confusion Over Direction of Monetary Policies
August 23, 2022
The question haunting investors continues to be the reaction function of the Fed and other central banks faced with weakening demand and tentative signs that inflation may be leveling off. Rhetorically, central bankers are giving not indication of a readiness to stop their rapid rise in interest rates, and two more central banks have raised […] More
Mixed Economic Tidings
December 16, 2020
The message from December purchasing manager survey preliminary findings is that vaccine hopes eclipsed the need to tighten activity restrictions to combat an intensifying wave of the infection. The data clearly signal that economic activity in the fourth quarter declined only slightly compared to the huge hit taken when the first Covid wave hit in […] More
Much to Ponder This Friday
April 21, 2017
Many of the themes affecting markets of late had new developments this day. The threat of trade wars is one of them. Preliminary purchasing manager survey results for April reported by Markit Economics reflect the beneficial impact in Europe of the euro’s softer tone. Euroland’s composite, manufacturing, and service-sector indices each climbed to a six-year […] More
Thank God It’s Friday as Risk-Off Mood Persists
July 24, 2015
Share prices in the Pacific Rim fell 1.8% in China, 1.2% in Hong Kong, 0.9% in South Korea, India and Indonesia and 0.6% in Japan. Comex gold dropped another 0.8% to $1,082.00. West Texas Intermediate oil stayed below $50 but recovered 0.5% to $48.69 per barrel. Ten-year sovereign debt yields declined another five basis points […] More
