Japanese machinery orders
A Convergence of Bond Yields
February 9, 2017
Ten-year sovereign debt yields fell 6, 5, and 3 basis points in Spain, Italy and France but rose 8 bps in Greece, 2 bps in the U.S. and U.K. and 1 bp in Germany. The dollar advanced 0.7% against the kiwi, which was depressed when the Reserve Bank of New Zealand’s policy statement left the […] More
Dollar Strengthens, Bond Prices and Mexican Peso Fall
November 10, 2016
Large protests against the U.S. election results erupted in several U.S. cities overnight, including N.Y.C., Chicago, Oakland and Seattle. President-Elect Trump will travel today to Washington to meet President Obama at the White House to begin the transition of administrations. On the premise of a more stimulative U.S. fiscal policy, a likely federal funds rate […] More
Lower Dollar as Hopes Dim over Nearness of Next Federal Reserve Rate Hike
August 10, 2016
Today’s main financial theme is the persistent weakness of global growth. The 10-year British gilt yield fell six basis points to a new record low of 0.52% in the U.K. versus 1.43% at the end of May. Ten-year German bund and Japanese JGB yields are 2 basis points lower and each quite negative at -0.10% […] More
Sharply Weaker Yen
July 11, 2016
The yen lost 2.1% against the dollar, notching its biggest daily decline in 11-1/2 weeks. There has not been reported intervention, but Sunday’s upper house parliamentary election, won strongly by Prime Minister Abe’s LDP Party, clears the way for more aggressive macroeconomic stimulus there. Half of the 242 seats in Japan’s House of Councillors were […] More
Market Pessimism Returns
June 9, 2016
Central bank action overnight accentuated the negative. ECB President Draghi made another plea for badly needed structural reform and fiscal support, and he warned of lasting damage to potential growth in the region of prolonged very weak growth with persisting deflationary risks. ECB Governor Villeroy defended very low interest rates as necessary to counter insufficient […] More
FOMC Minutes and a Missing Plane Rattle Market Nerves
May 19, 2016
A wide range of commodities have dropped sharply, including overnight declines of 1.5% in gold, 1.9% in oil and over 2.0% in copper. Stocks and bonds also suffered. Share prices dropped 1.3% in New Zealand and Singapore, 1.2% in India, 1.0% in Hong Kong, 0.8% in Taiwan, 0.6% in Indonesia and Australia, and 0.5% in […] More
Mostly Firmer Dollar as Markets Eye U.S. Primaries and Upcoming FOMC and BOJ Meetings
March 14, 2016
There’s been a 12.7% devaluation of the Egyptian pound. The U.S. currency has risen against a wide array of other emerging market currencies, too, as investors upgrade the probability of further Fed tightening before midyear. The dollar shows gains of 0.6% against the kiwi, 0.5% versus the Swiss franc and loonie, 0.4% vis-a-vis the euro, […] More
Dovish Remarks from a Federal Reserve President
February 17, 2016
Boston Fed President Eric Rosengren gave a speech overnight that warned of long-lasting effects on inflation from the plunge of energy prices and predicted that such could impeded efforts to raise U.S. interest rates. Rosengren is one of the more dovish FOMC members. ECB Governing Council member Nowotny of Austria struck a very different tone, […] More
Central Banks, Data, and China All in the Spotlight
January 14, 2016
Following Wednesday’s U.S. stock market selloff, share prices fell 2.7% in Japan, 1.9% in Singapore, 1.6% in Australia, 1.0% in Taiwan, 0.9% in South Korea, 0.6% in New Zealand and 0.5% in Hong Kong. Equities in Europe are currently down on the day by 3.2% in Greece, 2.8% in France, 2.7% in Germany, 2.4% in […] More
Dollar Weakens Pretty Much Across the board
December 9, 2015
Share prices in Asia and Europe are mostly lower, but a 0.4% uptick in China’s market is an exception. Stocks fell 1.3% in India and Indonesia, 1.0% in Japan, 1.4% in Taiwan and 0.6% in New Zealand and Australia. Equities in Europe have so far lost 3.8% in Greece, 1.1% in France, 1.0% in Switzerland, […] More
