Euroland money and credit growth
New Year Kicks Off with Rising Equities, Gold & Silver Prices, and Many December Manufacturing Purchasing Manager Survey Releases
January 2, 2026
Led by tech and small cap stocks, U.S. equity futures traded up by 0.5% or more. stock markets in Japan, New Zealand and China remained closed, while impressive first day gains of 2.8%, 2.3%, 1.3% and 1.2% were made in Hong Kong, South Korea, Taiwan and Indonesia. European stock markets so far have risen somewhat. […] More
The New Year’s Opening Act
January 2, 2025
Year 2025 in America kicked off with a terrorist act in the deep south city of New Orleans and news of a second straight double-digit decline in U.S. mortgage applications, yet pre-open stock futures point to a rebound from last week’s decline. The dollar also made gains, touching its strongest weighted level in 25 months. […] More
Weak Yen, Better-Than-Expected Tech Earnings, and Bracing for U.S. PCE Data
April 26, 2024
The yen is currently trading near its overnight low of 156.86 per dollar, a trough not experienced since May 1990. The Bank of Japan’s Board meeting failed to raise interest rates further, kept planned monthly JGB purchases at around 6 trillion yen and failed to clarify a possible timetable for additional monetary policy normalization. Adding […] More
Still Pausing
February 27, 2024
The dollar slipped back overnight by an additional 0.3% against the yen, 0.2% versus the Canadian and Australian dollars and 0.1% relative to the euro, Swiss franc and sterling. Ten-year sovereign debt yields fell three basis points in the U.K. and a single basis point each in Germany and the United States. Alternatively, the Spanish […] More
A Wide Spectrum of Developments to Watch Today
October 25, 2023
Germany has been among Euroland’s weakest economies this year. Real GDP was flat in the second quarter following back-to-back contractions in the prior two quarters, and average GDP in the first half of 2023 was 0.2% below its year-earlier level. But today’s release of the IFO Institute’s October German business climate index offers a ray […] More
Unofficial Final Day of Summer Starts with a Rise in Equities and a Steady but Firm Dollar
August 28, 2023
Equities in the Pacific Rim rose 1.7% in Japan, 1.1% in China, 1.0% in Hong Kong and South Korea, and 0.6% in Australia. Share prices so far in Germany, France, Italy and Spain have strengthened at least 1.0%, and key U.S. indices are around 0.7% higher. There’s been scant net movement in the dollar, which […] More
FOMC Rate Announcement at 18:00 GMT to Be Followed By Powell’s Press Conference
July 26, 2023
Investors are positioned for a further 25-basis point hike in the federal funds target later today and will pay particular attention to what is said about likely rate decisions over the balance of 2023. U.S. CPI inflation has slowed more rapidly than was expected to 3.0% from a peak of 9.1%, but labor market conditions […] More
Another Record Daily High in New Covid-19 Infections
June 26, 2020
Over the past 24 hours, new coronavirus cases and deaths in the United States rose by 41,735 and 2,491. Total reported U.S. cases moved marginally above 2.5 million, but in a chilling portent of the possible future trend, medical officials believe that outstanding U.S. infections may be as much as ten times greater than the […] More
More Evidence that Tariffs Are Hurting Manufacturing All Over
July 24, 2019
Preliminary purchasing manager survey results from July in Japan, Australia, Euroland, and the U.S. were published today, and their main message is that trade wars hurt just about everybody. Japan’s manufacturing PMI printed below 50 for a third straight month and the fifth time in six months. Readings under 50 imply a contraction of activity. […] More
Weaker Turkish, South African and British Currencies
March 28, 2019
The Turkish lira slumped 5% against the dollar overnight when Turkish reserves data showed a large drop from previous intervention to support that currency. Still no word from the South African Reserve Bank’s monetary policy review, but analysts aren’t anticipating a rate hike. However, there is concern ahead of Moody’s sovereign debt call on South […] More
