German business climate index
Difficult Day in the U.K.
September 24, 2019
The Brexit crisis deepened today as the highest British court ruled unanimously that Prime Minister Johnson’s suspension of parliament was illegal. Just 37 days remain before the current October 31 deadline by which a Brexit deal must be worked out by the Johnson’s government, which at the moment appears highly improbable. On the data front, […] More
ECB and Turkish Monetary Officials Send Dovish Signals
July 25, 2019
The European Central Bank Governing Council left policy settings unchanged but signaled likelihood of a multi-pronged stimulus after September’s fuller review. A zero percent refi rate has been flanked by a negative 0.40% deposit rate and a 0.25% marginal lending facility rate since cuts made in September 2016. The ECB leadership is in transition; IMF […] More
Turkey and Iran in the News
June 24, 2019
The Turkish ruling party’s candidate was soundly defeated in Istanbul’s re-run mayoral election. This blow to President Erdogen’s autocratic regime sent the Turkish lira up 0.8% against the dollar. Iranian authorities are claiming that U.S. cyber attack against Iran’s rocket launch system were unsuccessful. Fears of a U.S.-Iran war persist. The price of WTI crude […] More
Hope Rises that Trade Talks with China and Border Wall Talks Can Be Resolved
January 25, 2019
Equities lately have been a better barometer than foreign exchange of optimism that the U.S. government shutdown will be resolved and that a re-escalation of U.S. and Chinese tariffs will be averted. On that score, it’s a good sign that in the Pacific Rim share prices closed up by 1.7% in Hong Kong, 1.5% in […] More
U.S. Share Prices Open Higher as Wednesday’s FOMC Decision Nears
December 18, 2018
The dollar is narrowly mixed with tiny downticks of 0.2% against the euro and yen and 0.1% relative to the Swiss franc, Aussie dollar and sterling offset by gains of 0.7% versus the kiwi and 0.5% against the peso. Stocks in the Pacific Rim tumbled 1.8% in Japan, 2.2% in Singapore, 1.4% in Hong Kong, […] More
Last Week’s Stock Market Euphoria Dissipates
September 24, 2018
Equities dropped 2.0% in Hong Kong, 1.8% in India, 1.3% in Indonesia and 0.5% in New Zealand. Losses in European markets so far amount to 1.2% in Greece, 0.6% in Italy, 0.5% in Spain, 0.3% in Germany, 0.2% in France and Switzerland, and 0.1% in Great Britain. The more sour mood reflects China’s refusal to […] More
Dollar Up against Turkish Lira but Down Versus Mexican Peso
August 27, 2018
There’s been little net movement of the dollar against the euro (+0.1) or yen (-0.1%), loonie (+0.1%), or Aussie and New Zealand dollars (0.2). Sterling and the Swiss franc are each unchanged from closing levels before the weekend. Gold and oil are 0.3% and 0.4% softer. The 10-year German bund yield edged up a basis […] More
Dollar and Stocks Lower amid Some Softer European Data
February 22, 2018
The dollar dropped overnight by 0.5% against the yen, 0.3% relative to the peso and 0.1% vis-a-vis the Swiss franc, kiwi and Aussie dollar. The dollar firmed 0.2% relative to sterling and 0.1% versus the euro and is unchanged against the loonie. China reopened following the extended Lunar New Year holiday celebration. The yuan rose […] More
Sterling Rebounds and Streak Ends of Higher Daily Closes in Japan’s Stock Market
October 25, 2017
Sterling rose 0.9% overnight, buoyed by stronger-than-forecast third-quarter GDP growth. Xi Jinping introduced the new Chinese Politboro, all with similar ages to himself, and in so doing failed to signal an apparent successor in 2022. He is now China’s most powerful leader since Mao. Japan’s Nikkei closed down 0.5%. That was the first daily loss […] More
Stocks Up, and Peso Recovery Extended
June 26, 2017
Equities began the final week of the second quarter mostly on a rising note, with gains of 1.3% in Taiwan, 0.9% in China and Hong Kong, 0.6% in New Zealand, 0.4% in South Korea and 0.1% in Japan and Australia. Several markets were shut for the end of Ramadan. Share prices in Europe have advanced […] More
