Larry's Blog
Some Election Thoughts
November 3, 2008
Today’s Wall Street Journal editorial, “Leap of Hope,” is resigned to a likely Obama win tomorrow but expresses surprise that so many voters would be prepared to give an “untested” “man of mystery” so much benefit of the doubt. Sometimes America has picked the people with the best resume, like the first four presidents (Washington, […] More
Expecting a 50-Basis Points Australian Rate Cut Tonight
November 3, 2008
First Some History: From a cyclical low of 4.25% in early 2002, the Reserve Bank of Australia lifted its cash rate in numerous steps to a peak of 7.25%. The final increases were administered in February and March of this year. A tightening bias was removed by the central bank at midyear and replaced by […] More
Currency Markets in the News
Falling Euro Reflected in U.S. and Ezone Factory PMI's Results
November 3, 2008
The first difference between the United States and Euroland had a somewhat larger negative sign in October than in September. In the three months since July, the month with the strongest average euro value against the dollar, the factory spread has become more favorable for Euroland by 4.8 points, swinging from plus 2.6 to minus […] More
New Overnight Developments Abroad - Daily Update
New Overnight Developments Abroad: Equities Higher, Dollar and Yen Lower
November 3, 2008
Stocks rose 7.8% in Thailand, 7.6% in Indonesia, 5.1% in Australia, 5.0% in Singapore, 3.8% in the Philippines, and 4.1% in Malaysia. Japanese markets are closed for Culture Day. In Europe, the Ftse (0.7%), Dax (0.6%) and Cac40 (+0.2%) show fractional gains. Chinese equities slid 0.6% to a 2-year low. The dollar rose 0.5% against […] More
