New Overnight Developments Abroad - Daily Update
June 5, 2023
At the weekend’s meeting of OPEC plus oil ministers, Saudi Arabia announced a further production cut of one million barrels barrels per day, effective July 1, and WTI oil is trading 2.6% higher as a result although about $1.5 below today’s earlier peak. The dollar has opened the week on an up beat, with gains […] More
Tags: Euroland PPI, German trade balance, May 2023 service sector purchasing manager surveys, Saudi oil production cut, Turkish CPI and PPI
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New Overnight Developments Abroad - Daily Update
June 2, 2023
U.S. share price futures are up 0.6% from Thursday’s close. The weighted DXY dollar index has dipped 0.1%, and the 10-year U.S. Treasury yield is a basis point higher. Prices for oil and Bitcoin are up 1.6% and 1.1%, but that for gold is unchanged. More volatility has been seen in foreign stock markets, featuring […] More
Tags: U.S. debt ceiling hike, U.S. jobs report
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New Overnight Developments Abroad - Daily Update
May 26, 2023
While no deal has been attained yet to raise the U.S. debt ceiling, both sides of the discussions are expressing optimism, and investors are anticipating that the U.S. will not default. That’s why equities are higher, but the 10-year U.S. Treasury yield is also up two basis points to an 11-week high after the release […] More
Tags: British retail sales, French consumer confidence, U.S. goods trade deficit, U.S. personal consumption and PCE price deflator
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Central Bank Watch
May 25, 2023
An interest rate increase of 50 basis points to 8.25% decided unanimously today matched the prior hike in March and is the tenth increase since the rate was raised from a pandemic low of 3.50% to 3.75% in November 2021. CPI inflation of 6.8% in April exceeded the 3-6% target range ceiling, and indicators of […] More
Tags: South African Reserve Bank
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New Overnight Developments Abroad - Daily Update
May 25, 2023
U.S. GDP data will be released shortly. In the meantime, German GDP growth last quarter was revised to -0.3% (not annualized) from zero percent reported originally. That’s the second negative quarter in a row and the third drop in the past four quarter, resulting in a negative year-on-year growth rate of -0.5% as well. The […] More
Tags: Bank of Korea, Central Bank of Iceland, Central Bank of Turkey, French business confidence, German GDP, U.S. GDP
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Central Bank Watch
May 24, 2023
The FOMC minutes, published this afternoon, reveal frustration that inflation continues to recede more slowly, pushes back against any consideration of a rate cut in 2023 or indication that the rate under no circumstances would be raised further in the second half of 2023. The mantra is that policy will be data driven, leaving most […] More
Tags: FOMC Minutes
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Central Bank Watch
May 24, 2023
Iceland’s 7-day term deposit rate was lifted 125 basis points to 8.75%. Such had been as low as 0.75% prior to May 2021, 2.0% at the beginning of 2022, and 6.0% when 2023 started. With CPI inflation edged up to 9.9% and measures of long-term expected inflation also creeping higher, the statement released in conjunction […] More
Tags: Central Bank of Iceland, Reserve Bank of New Zealand
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New Overnight Developments Abroad - Daily Update
May 24, 2023
The possibility of a U.S. debt default next month persists. Central Bank interest rates were raised today by 125 basis points in Iceland, 50 bps in Nigeria, and 25 bps in New Zealand. Europe’s largest economy has “suffered a setback” according to the May German business climate index compiled by the IFO Institute. Inflation according […] More
Tags: British CPI, Central Bank of Iceland, Central Bank of Nigeria, German business climate index, Reserve Bank of New Zealand
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New Overnight Developments Abroad - Daily Update
May 23, 2023
Preliminary purchasing managers surveys for May reported this Tuesday all exceeded the 50 level that separates activity that is expanding from activity that is contracting. The S&P Global U.S. composite PMI reading rose 1.1 points to a 13-month high of 54.5, but the gulf between services (a 13-month high of 55.1) and manufacturing (a 3-month […] More
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New Overnight Developments Abroad - Daily Update
May 22, 2023
Without a higher debt ceiling, the U.S. federal government will begin to not meet all its spending obligations by the start of June, prompting a default by mid-month, if not somewhat sooner. Biden and McCarthy are to resume talks to avert such a crisis today. Fed Chairman Powell again insinuated that banking system strains could […] More
Tags: debt ceiling talks, Euroland construction output, Lebanese CPI inflation, Peoples Bank of China
Posted in New Overnight Developments Abroad - Daily Update | Comments Off on U.S. Debt Ceiling Standoff Into the Eleventh Hour
