stocks

October in Figures

November 1, 2018

October was a¬†broadly strong month for the dollar but a bad one for global equities. Monetary policy rates did not change this past month in the U.S., Euroland, Japan, Great Britain or Switzerland, but 10-year sovereign debt yields rose in North America while falling in Europe, and staying unchanged in Japan. The price of West […] More

August in Figures

August 31, 2018

Many stock markets performed well in August as such had in July. Exceptions were those in the U.K., Switzerland, and Canada. The yen and Swiss franc rose against the dollar, which otherwise advanced against the other currencies examined in this monthly feature. The dollar also strengthened 33% against the Turkish lira during August. The Bank […] More

June and Second Quarter 2018 in Figures

June 29, 2018

The dominant market themes in June and 2Q were a sharp rise in the price of oil and a strengthening dollar, neither of which belongs in a recipe to accomplish President Trump’s quest to reduce the U.S. trade deficit sharply if not to zero. Dollar appreciation was particularly pronounced against the Chinese yuan. The federal […] More

April in Figures

April 30, 2018

The dollar experienced its strongest month of 2018 in April, so naturally U.S. share prices under-performed equities in other countries. An upward grind in long-term interest rates continued and was considerably more pronounced in the United States and Canada than in Europe or Japan. Three-month interest rates rose slightly, except in Japan where such dipped […] More

March and First Quarter 2018 in Figures

March 31, 2018

March was a difficult month for equities, largely because of Fed tightening, U.S.-inspired geopolitical uncertainty, and trade war fears. Nevertheless, U.S. share price losses in the first quarter of 2018 were generally smaller than declines recorded in other countries. Despite higher short-term interest rates during March especially in the United States and Great Britain, year-to-date […] More

February in Figures

February 28, 2018

February was unlike January. The dollar had declined across the board in the first month of 2018, but declined, except against the yen, during February. Likewise, share prices performed well in January but experienced a difficult February, including the biggest U.S. monthly drop in just over two years. Stocks were spooked by speculation that the […] More

January 2018 in Figures

January 31, 2018

The euro ranged from a low of $1.1914 to a high of $1.2583 in January, averaging $1.2195 in the month and closing 3.4% stronger than its end-2017 level. Against the yen, the dollar ranged between JPY 113.41 and JPY 108.28 during the month, with a mean value of JPY 110.92 and a 3.1% net drop […] More

2017 and December in Figures

January 1, 2018

2017 was a stellar year for equity and commodity prices. The dollar declined broadly, consistent with President Trump’s intent to trim the U.S. trade deficit and despite three tightenings of Fed policy implemented in March, June and December. The ten-year Treasury yield rose less sharply than 3-month rates, which flattened the yield curve. The dollar […] More

November in Figures

November 30, 2017

The dollar fell mostly during November, constituting a change in direction from movements in October. Nonetheless, U.S. stocks recorded impressive gains just as they had the month before. Japanese share prices also climbed sharply in November, but many European stock markets declined. Investors became more confident that the Federal Reserve would hike interest rates in […] More

October in Figures

November 1, 2017

Whereas September had experienced upward pressure on long-term interest rates, October had a slight downward bias. The rhetoric after central bank meetings in Japan and Euroland was a bit more dovish than expected, leaving an impression there will not be an initial interest rate hike in 2018 by either. Stock markets performed will during October, […] More

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