Archive for November 19th, 2008

Bonds and Stocks

Enough Already: Dow Loses Another 5.1%

November 19, 2008

The Dow Jones Industrial Average posted a 5+% daily loss today for the fifth time since September 29th and closed below 8000 for the first time since March 31, 2003. In the 11 trading days since the U.S. election, the DJIA has dropped 16.9%. If that pace were to continue over the 32 remaining trading […] More

Currency Markets in the News

On Japanese Growth, Population, and the Yen

November 19, 2008

Japan official estimates of GDP have earned a reputation for inaccuracy. Data measurement is a problem that officials have worked on with some success. But reported growth rates still occasionally produce outsized surprises and subsequent revisions. While gross domestic product measures the value of goods and services in a specific period of time from the […] More

Where Bank of England Policymakers Are Seeking Future Guidance

November 19, 2008

Minutes from the Monetary Policy Committee’s (MPC) early-November meeting candidly reveal that policymakers believed that they would ultimately need to cut rates by more than 200 basis points from the 4.5% level but were reluctant do more than 150 basis points until markets better understand their thinking and the factors upon which future near-term policy […] More

New Overnight Developments Abroad - Daily Update

New Overnight Developments Abroad: Emerging Market and Commodity-Sensitive Currencies Weaker

November 19, 2008

The dollar has gained 0.8% against the Australian dollar, 0.6% versus the kiwi and 0.4% against the Canadian dollar. The U.S. currency also advanced significantly against several emerging market currencies like the South Korean won , Indonesian rupiah, and Philippine peso. Risk aversion is high amid concern about global economic prospects and uncertainty about whether […] More