Canadian retail sales
Dollar Firm With Focus on Inflation and Central Bank Policy
July 21, 2023
The dollar rose overnight by 1.2% against the yen, 0.8% and 0.6% relative to the New Zealand and Australian currencies, 0.7% versus the Turkish lira and 0.2% vis-a-vis sterling. The euro kept pace with the dollar, and the Russian ruble jumped 1.1%. These movements correlated well with perceived monetary policy stances. A full percentage point […] More
Rout of Risky Assets Continues
January 21, 2022
The third week of January has seen relentless selling pressure against riskier financial assets, and Friday is not providing any respite. At next Wednesday’s post-FOMC press conference, Fed Chairman Powell is widely expected to signal a likely rate hike in March and other coming steps to rein in the accommodative policy stance. Equities around the […] More
Dollar and Equities Strengthened Overnight
May 21, 2021
Preliminary May purchasing manager survey findings for Euroland show a 39-month composite index high despite marginally slower growth in manufacturing due to intensifying supply chain delays. Service sector activity is benefiting from a relaxation of Covid restrictions, and overall optimism regarding the one-year outlook remained high in May in spite of higher inflation. The French […] More
Tough Week for Central Bank Credibility
March 19, 2021
At Wednesday’s press conference, Fed Chairman Powell tried to assuage investor concerns about inflation and the possibility of an earlier Fed tightening than indicated in the central bank’s forward guidance. Markets didn’t quite believe the dovish tone and drove the 10-year Treasury yield from 1.63% then to a high yesterday of 1.76%. Tech stocks in […] More
A Week of Transition Ends with Release of Weak Data and Fresh Investor Uneasiness
January 22, 2021
The Biden Administration has been busy reorienting American policies, but markets today are most fixated on alarming Covid trends and fresh evidence of their adverse impact on economic activity. U.S. equity futures are set to open 0.5-1.0% lower today after markets closed down 1.7% in Indonesia, 1.6% in Hong Kong, 1.5% in India, 0.9% in […] More
Regional Themes
January 24, 2020
Asian market activity was depressed by Chinese New Year holiday observances. Equity markets were shut in China, Singapore, Hong Kong, Vietnam, South Korea, and Taiwan. That being said, fears and anger related to the coronavirus outbreak have intensified. Some 40 million people in China have been quarantined. In other Asian news, Japanese CPI inflation ended […] More
WTI Oil Extends Rise Above $40 Level
March 18, 2016
West Texas Intermediate oil has climbed another 1.8% to $40.93 per barrel. There has been a rebound of 56.6% since February 11 when oil touched its lowest level since May 2003. The rebound in oil has maintained a bid tone in share prices. The DOW is 0.7% higher. Stocks have risen 0.5% in Spain and […] More
Bad News Delivered in Japan’s Trade Data
August 22, 2012
Asian markets were rattled by a reported 8.1% on-year decline in Japanese customs exports. Shipments to the EU and China plunged by 25.1% and 11.9%, respectively. Today’s meeting of EU President Juncker and Greek Prime Minister Samaras added to the nervous undertone of the market. Share prices declined 1.1% in the Philippines and Hong Kong, […] More
