Euroland construction output
U.S. Debt Ceiling Standoff Into the Eleventh Hour
May 22, 2023
Without a higher debt ceiling, the U.S. federal government will begin to not meet all its spending obligations by the start of June, prompting a default by mid-month, if not somewhat sooner. Biden and McCarthy are to resume talks to avert such a crisis today. Fed Chairman Powell again insinuated that banking system strains could […] More
Fed’s Two-Day Policy Review Begins with Market Consensus Fixed on Likely 25-Basis Point Interest Rate Increase
March 21, 2023
Steps by big banks to protect vulnerable mid-sized banks and by central banks to ensure ample liquidity have calmed world financial markets even on this day before an expected additional Federal Reserve interest rate hike. The dollar and yen, which prospered from safe haven-seeking capital inflows have settled back. The U.S. currency fell overnight by […] More
Biden in Show of Support Visits Kyiv on U.S. Presidents Day and Near One-Year Anniversary of Russian Invasion
February 20, 2023
Biden’s visit to Kyiv for talks with Zelensky was not pre-announced and comes amid indications of some western allies growing tired of the unresolved Russian-Ukraine war. U.S. and Canadian markets will be closed today for Presidents Day and Family Day, respectively. Such holidays typically sap world financial markets of a degree of leadership and direction. […] More
Macron Wins with 58.6% of the Vote but Recessionary Fears Extend Equity Losses Around the World
April 25, 2022
Although less than the 66.1% to 33.9% margin of victory in 2017, French President Macron was reelected, beating Le Pen by a greater margin than expected. His margin this time was still comfortable at 17.2% — 58.6% to 41.1%. Had Le Pen’s far-right National Rally captured the government, the unity of NATO against Russian aggression […] More
Dollar Up and Equities Depressed by Worries Over Resurgence of Covid and Inflation
July 19, 2021
Friday’s equity market stumble extended into the new week, with losses Monday amounting to 1.8% in Hong, 1.4% in India, 1.3% in Japan and Singapore and 0.9% in Australia. In European tradeing, share prices so far today are down 3.5% in Greece, 3.0% in Italy, 2.1% in Germany and France, 2.0% in the U.K., and […] More
Awaiting Today’s Fed Forecasts and Powell’s Press Conference
March 17, 2021
Against the backdrop of a significantly improved U.S. economic growth outlook this year and rising U.S. and global inflation lately, the 10-year U.S. Treasury yield climbed from 0.89% in mid-December to 1.01% when the FOMC last met to a 13-month high of 1.67% today, the second scheduled FOMC meeting of 2021 figures to be the […] More
Chinese Data Dominate Monday Newswire
October 19, 2020
Chinese real GDP expanded at a solid, albeit less-than-forecast 2.7%, rate in the third quarter, supported by strengthening exports, consumption and business expenditures. This lifted the year-on-year growth rate to 4.9% from 3.2% in 2Q and negative 6.8% in 1Q when many activities were locked down. Chinese industrial production and retail sales in September were […] More
Monday’s Equity Rally Not Sustained Amid Both Upbeat and Worrisome Developments
May 19, 2020
Pacific Rim stock markets extended Monday’s stock market rally, but share prices subsequently turned lower in Europe and U.S. stock futures. Markets closed up 2.3% in South Korea, 1.8% in Australia, 1.9% in Hong Kong, 1.7% in Singapore, 1.5% in Japan and 0.8% in China. But there are losses of 2.1% in Spain, 1.6% in […] More
Brexit Deal Reached, Congressman Cummings Dead, and Beige Book Reflects Slowdown
October 17, 2019
Several big stories hit the wires this morning. First, Congressman Elijah Cummings of Maryland, Chair of the House Oversight and Reform Committee and a leading figure in the investigation of President Trump, has died at age 68. He’d had several health problems, but exact details of cause of death were not provided. Second, British Prime […] More
Yesterday’s Rebound in Sovereign Debt Yields Trimmed
August 20, 2019
Ten-year sovereign debt yields slipped Tuesday by five basis points in Germany and the United States, three bps in Great Britain and a basis point in Japan. Yields had dropped very sharply earlier in August but staged a rebound yesterday. Without government stimulus, investors fear a continuing global growth slowdown and possibly even a recession. […] More
