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New Overnight Developments Abroad – Daily Update

Inflation Worries Continue to Rattle Financial Markets

October 1, 2021

The week-long Chinese national holiday began Friday, but elsewhere in the Pacific Rim equities closed down 2.3% in Japan, 2.2% in Taiwan, 2.0% in Australia, 1.7% in South Korea and 1.2% in Singapore. Share prices so far in the U.K., Germany, France, Spain, Italy, and Switzerland have lost 0.6-1.0% on this first trading day of […] More

End of Third Quarter 2021

September 30, 2021

The DXY weighted dollar dipped 0.1% overnight but experienced a quarterly advance of around 2.5%. In the Pacific Rim, share prices on the final trading day of the quarter rose 1.9% in Australia, 1.4% in New Zealand, 2.0% in Indonesia, and 0.9% in China but fell by 0.4% in Hong Kong and 0.3% in Japan. […] More

Dollar Strengthens on Day after Big Drop in Stocks

September 29, 2021

The DXY weighted dollar index rose 0.2% to an 11-month high overnight. Equities in the Pacific Rim picked up the baton from North America’s losing session the day before, dropping 2.1% in Japan, 1.8% in China, 1.9% in Taiwan, 1.2% in South Korea and 1.1% in Australia. However, European markets have mustered rebounds so far […] More

Rising Energy Prices Lift Long-Term Interest Rates, Which in Turn Depresses Equities but Boost Dollar

September 28, 2021

Ten-year sovereign debt yields jumped overnight by seven basis points in the U.K. and Italy, 5 basis points in Greece, 4 bps in France and Spain, three basis points in the U.S. and Germany and two bps in Japan. Nasdaq and S&P stock futures were down 1.3% and 0.7% with about an hour to go […] More

Politics in the Forefront

September 27, 2021

As expected, political power will be changing hands in Germany. In yesterday’s national parliamentary election, the Social Democrats (SPD) captured the most seats (206 at last count) in a close and widely fractious vote. The SPD percentage of total votes cast was 25.7%, and the Christian Democrat/Social Democrat central-right group (24.1) share was its smallest […] More

Evergrande Misses Payment and Some Disappointing Data Reported

September 24, 2021

The dollar rose against most currencies overnight, including gains of 0.7% against the Aussie dollar, Mexican peso and Turkish lira, 0.6% relative to the New Zealand dollar, 0.3% vis-a-vis the loonie and sterling and 0.2% against the Japanese yen. But dips of 0.2% versus the euro and 0.1% against the Swissie suppressed net movement in […] More

Marking Time Ahead of Powell Press Conference

September 22, 2021

The FOMC is expected to confirm that tapering of its bond purchase program will begin in the fourth quarter. The announcement by the Fed and release of updated economic forecasts will be made at 14:00 EDT (18:00 GMT), followed by Chairman Powell’s press conference at 14:30. Earlier today, the Bank of Japan Board wrapped up […] More

Equities Trying to Rebound and Dollar Slips a Bit Ahead of Wednesday’s FOMC Announcement

September 21, 2021

The dollar is down 0.15% against the DXY weighted index. Dollar/yen is unchanged from Monday’s closing level, and the greenback lost 0.1% overnight against the euro and sterling and 0.4% relative to the loonie and Swiss franc. U.S. stocks had suffered their steepest daily loss on Monday since May, and share prices in other markets […] More

Financial Market Sell-Off

September 20, 2021

Investors are worrying the Congress will this time fail to raise the debt ceiling, whose limit will be reached during October. Many earlier games of chicken over raising the debt ceiling have always been averted, but political divisiveness has never been so raw since the convention of debt ceilings were adopted. The consequence of not […] More

Markets Looking Ahead to Next Week’s Central Bank Policy Meetings

September 17, 2021

The Federal Reserve heads a long list of central banks reviewing monetary policy next week. Among the others on tap are central banks in Japan, Turkey, the U.K., Switzerland, Sweden, Indonesia, Brazil, China, South Africa, Taiwan, Norway and the Philippines. Investors hope to get more clarification on when Fed will begin tapering bond purchases and […] More

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