Bonds and Stocks
Dominoes
September 11, 2008
Thinking back over the big victims of what has come to be “the credit crunch,” institutions like Northern Rock, Bear Stearns, Fannie Mae, Freddie Mac and, who knows, maybe Lehman Brothers and Washington Mutual, I cannot get the lyrics of a song out of my head. We didn’t start the fire, no we didn’t light […] More
Canadian and U.S. Trade Figures in July Both Weakened
September 11, 2008
Worsened trade positions in July were affected by the peak in oil prices and are not indicative of future trends. The U.S. deficit of $62.2 billion was at a 16-month low but less than 5% above the 1H08 monthly average. The year-to-date deficit widened just 1.0% from the first seven months of 2007. Significant reductions […] More
New Overnight Developments Abroad - Daily Update
New Overnight Developments Abroad: Central Banks in Spotlight
September 11, 2008
The U.S. will be observing the seventh anniversary of the 9/11 attacks. In continuing fear about the financial system despite nationalization of GSE’s, global stocks fell further. In Europe, the German Dax, Paris Cac and British Ftse show drops of 1.4%, 1.1% and 1.1%. Bourses in Asia tumbled more sharply: Nikkei -2.0%, Hong Kong -3.1%, […] More
Central Bank Watch
New Zealand Central Bank Cuts Cash Rate to 7.5% from 8.0%
September 11, 2008
A greater-than-forecast 50-basis point rate cut left the central bank rate at is lowest level since April 2007 and was made in response to a further deterioration of the global economy, a “marked” consumption-led domestic slowdown, continuing tight credit conditions, a forecast of sub-trend growth for a prolonged additional period of time, and a desire […] More
