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New Overnight Developments Abroad – Daily Update

Digesting the Powell and Biden Speeches and Other Central Bank Decisions

February 8, 2023

Fed Chairman Powell yesterday reaffirmed the assertion that inflation has begun to decline but balanced that success with views that the peak in interest rates may be higher than indicated earlier and that the job of restoring in-target inflation will take quite some time longer. With a refrain of let’s-finish-the-job, U.S. President Biden sounded like […] More

Dollar Trading at Highest Level Since the First Week of January

February 7, 2023

The softening dollar trend in the final quarter of 2022 had extended into January, but that month’s losses have been mostly reversed in recent days by heightened geopolitical strains between the U.S. and China and even more so by a rise in expectations about how high the federal funds rate will need to be raised […] More

Stocks and Bonds Down in Continuing Reaction to U.S. Jobs Leap Last Month

February 6, 2023

Equity markets fell this Monday by 2.0% in Hong Kong, 1.7% in South Korea, 1.3% in Taiwan, and 0.8% in China. The German, French and Spanish stock markets currently exhibit losses above 1.0%, and U.S. stock futures are down between 0.5% and 1.0%. 10-year sovereign debt yields jumped today by 12 basis points in Italy, […] More

Overnight Action Dominated by Subpar Tech Company Earnings… Now Investors Await U.S. January Jobs Data

February 3, 2023

North American stock futures and European share prices are mostly down with major tech firms like Alphabet, Amazon, and Apple leading the way. Such concerns also affected some key Asian stock exchanges where the Hang Seng and Shanghai Composite indices lost 1.4% and 0.7%. Yesterday’s big drop in European 10-year sovereign debt yields was reversed […] More

More Central Bank Policy Rates Get Raised 10-Year Sovereign Debt Yields Drop

February 2, 2023

Officials at the European Central Bank and Bank of England raised their policy interest rate by 50 basis points to their highest levels since 2008. The size of those increases matched expectations. The policy rates of the Hong Kong and Macao Monetary Authorities matched the Fed’s 25-basis point increase. Brazil’s Selic interest rate was kept […] More

Much More Than an FOMC Announcement Day

February 1, 2023

The FOMC policy statement at 19:00 GMT today (14:00 EST) will be followed half an hour later by the start of Chairman Powell’s press conference. Officials are expected to raise the target federal funds corridor by 25 basis points to 4.50-4.75%. This is the first scheduled FOMC meeting of 2023 and therefore the one in […] More

Heavy Data Menu, Updated IMF World Economic Outlook, and the FOMC Begins Two-Day Policy Review

January 31, 2023

On this last day of January, the weighted DXY dollar index has edged 0.1% higher but will post its fourth monthly decline in a row. Overnight dollar rises were strongest against the the Aussie dollar (0.9%), kiwi (0.6%), and sterling and loonie (both up 0.4%), but the euro slid only 0.1%, the Swiss franc is […] More

Share and Bond Prices Fall, Dollar Little Changed Ahead of Tuesday-Wednesday FOMC Meeting

January 30, 2023

U.S. equity futures point to a drop of around 1% at the opening bell. Share prices closed down 2.7% in Hong Kong, 1.4% in South Korea, 0.5% in Singapore, 0.4% in Indonesia but up 0.2% in Japan and 0.1% in China. Major European stock exchanges are down about 0.5% thus far. Ten-year sovereign bond yields […] More

Some Fresh Concerns

January 27, 2023

While awaiting the monthly U.S. report on personal income, personal consumption, and the Fed’s favored PCE price deflator, investors got some disquieting price news from other countries. In Japan where consumer price data for Tokyo are reported a month earlier than national statistics, today’s January figures showed an acceleration of the total CPI to a […] More

Investors Marking Time Ahead of Several U.S. Data Releases Today Including the First Estimate of GDP Last Quarter

January 26, 2023

In U.S. stock market futures trading overnight, the S&P 500 and DOW are hardly changed, while better-than-expected reported Tesla profits goosed the Nasdaq. Hong Kong’s stock market reopened with a 2.4% advance, but China remains shut until next week. Japan’s Nikkei dipped 0.1%. In Europe, the Dax is off less than 0.1%. The British Ftse […] More