Service PMIs
Into Equities from Bonds and Gold
May 7, 2013
The Dow Jones Industrial Average, up 0.4%, broke above 15K for the first time. The German Dax gained 1.0% to an alltime high above 8K. Elsewhere in Europe, stocks have climbed 1.7% in Italy, 0.9% in Spain, 0.8% in France and 0.5% in Britain. In Japan, which was closed Monday and Friday for Golden Week […] More
Anxiety Up ahead of U.S. Election and Greek Parliamentary Vote on Bailout
November 5, 2012
Share prices in Europe have slumped 1.3% in Spain, 1.1% in Italy, 0.8% in France, 0.5% in Britain and 0.4% in Germany. Equities in the Pacific Rim earlier closed down 0.8% in Indonesia, 0.6% in South Korea, 0.5% in Japan and Hong Kong, 0.4% in Taiwan, 0.3% in Singapore, and 0.2% in China and New […] More
More PMI Reports and a Monster Australian Trade Deficit
October 3, 2012
The dollar has gained 0.5% against the kiwi and 0.3% versus the Australian dollar. Other dollar pairs are pretty stable. The greenback is unchanged against the euro and yuan, up 0.2% relative to the loonie, and 0.1% firmer against the yen, Swissie and sterling. Japan’s Nikkei fell 0.5%, and Chinese markets remained closed in continuing […] More
Week Off to an Anxious Start
March 5, 2012
Share prices and commodities are lower, while the yen has strengthened. Several factors are weighing on sentiment. The Chinese government revised down projected growth and did not foreshadow shifting policy priorities. Private sector involvement in Greece’s bond swap has been less than hoped. ECB stimulus has probably hit the end of the line. Euroland’s composite […] More
Watching Cannes Summit and Data Releases
November 4, 2011
Market attention today will be split between several key data releases and the G20 scramble to stop the Greek debt bomb. Investors also continue to react to yesterday’s rate cut by the ECB. Meantime, changes in the dollar are generally modest, with upticks of 0.5% against the Swissie, 0.3% vesus the loonie, and 0.1% against […] More
More Confusion about Where Greece Stands
November 3, 2011
News from Greece seems to change by the minute. Next week’s referendum has been put off until at least December 4. Other Europeans want it to be a simple vote on whether Greece keeps the euro or not, but specific wording remains undecided. A vote of confidence in Prime Minister Papandreou tomorrow is not a […] More
Service Sector Activity Accelerated in the U.S. but Slowed in Euroland Last Month
June 3, 2011
U.S. service sector activity partly recovered in May according to the purchasing manager survey after a sharp slowdown in April. In Euroland, however, there was a slower pace of positive growth in May with only marginally rising activity in Ireland, Spain and Italy. The U.S. minus Euroland PMI spread for services therefore narrowed by 2.5 […] More
Service Sector Purchasing Manager Surveys Released
May 4, 2011
Japan remained closed for Greenery Day, the third of four Golden Week holidays. Stocks fell by 2.6% in China, 2.4% in Pakistan, 1.3% in Singapore, 1.4% in Hong Kong and 0.9% in Australia and South Korea. The British Ftse is down 0.5%. The German Dax and Paris Cac are little changed, in contrast. The dollar […] More
Night of Surprises and Omens
April 5, 2011
The People’s Bank of China has implemented a fourth increase of its lending and deposit rates, lifting such in an unexpected move by 25 basis points to 6.31% and 3.25%. Prior increases were done in October, December and January. There have also been nine advances so far of the central bank’s reserve requirements, most recently […] More
Divergent Momentums in U.S. and Euro Area Service Sectors
October 5, 2010
Service sector purchasing manager indices printed less than a point apart last month in the United States (53.2) and Euroland (54.3). The scores signify moderate rates of expansion in both regions, but that’s where any similarity ends. The U.S. index advanced 1.7 points above the August reading and was 1.2 points better than forecast. The […] More
