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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
Tags: Biden State of the Union Address, Central Bank of Iceland, Japanese current account, Reserve Bank of India
Posted in New Overnight Developments Abroad - Daily Update | No Comments »
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
Tags: German industrial production, Japanese real household spending, Reserve Bank of Australia
Posted in New Overnight Developments Abroad - Daily Update | No Comments »
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
Tags: Euroland construction PMI, Euroland retail sales, German factory orders
Posted in New Overnight Developments Abroad - Daily Update | No Comments »
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
Posted in New Overnight Developments Abroad - Daily Update, Uncategorized | No Comments »
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
Tags: Bank of Brazil, Bank of England, European Central Bank, U.S. labor productivity and unit labor costs
Posted in New Overnight Developments Abroad - Daily Update | No Comments »
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
Tags: Central Bank of Azerbaijan, Euroland CPI and unemployment, manufacturing purchasing managers indices
Posted in New Overnight Developments Abroad - Daily Update | No Comments »
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
Tags: Euroland GDP, German import prices, IMF World Economic Outlook, Japanese retail sales and industrial production, U.S. employment cost index
Posted in New Overnight Developments Abroad - Daily Update | No Comments »
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
Tags: Bank of Ghana, Euroland economic sentiment, German GDP
Posted in New Overnight Developments Abroad - Daily Update | No Comments »
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
Tags: Australian PPI, Central Bank of Argentina, Central Bank of Chile, Spanish GDP, U.S. personal spending and consumption
Posted in New Overnight Developments Abroad - Daily Update | No Comments »
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
Tags: British distributive trades index, Italian consumer confidence and factory sector sentiment, Japanese corporate service prices
Posted in New Overnight Developments Abroad - Daily Update | No Comments »
