PMI services

Less Risk Aversion

March 5, 2013

Most stock markets are higher, some strongly so like China (3.0%), Germany (2.1%), Italy (2.3%), France (1.9%), and Spain (1.8%).  Equities in Australia and Britain have risen 1.3%.  Stocks in India advanced 1.4%, and the DJIA is up 1.1% and trading above its record close of 14,165 hit in October 2007.  The Nikkei is up […] More

Fresh Risk Aversion

January 4, 2012

The German Dax and Paris Cac have declined so far by 0.8% and 0.9%.  After dropping Tuesday, the dollar recovered today by 0.7% against the Swiss franc, 0.5% versus the euro and Australian dollar, 0.3% vis-a-vis the kiwi, sterling and loonie, and 0.1% against the yuan.  In a classic risk averse pattern, the yen edged […] More

Soft Data Out of Europe and a Downgrade of Italy’s Credit Rating

October 5, 2011

The dollar is somewhat weaker, with declines of 0.4% against the kiwi, 0.3% versus the Aussie dollar, 0.2% relative to the yen and loonie, and 0.1% against the euro.  The greenback is 0.2% firmer against the Swiss franc and up 0.1% relative to sterling.  The yuan is unchanged. Equities fell 2.3% in South Korea, 0.9% […] More

Swiss Authorities Set Ceiling on Franc

September 6, 2011

The current massive overvaluation of the Swiss franc poses an acute threat to the Swiss economy and carries the risk of a deflationary development. The Swiss National Bank (SNB) is therefore aiming for a substantial and sustained weakening of the Swiss franc. With immediate effect, it will no longer tolerate a EUR/CHF exchange rate below […] More

Panic-Stricken Markets Greet Labor Day 2011

September 5, 2011

U.S. markets are closed for Labor Day, but elsewhere the mood is grim. Ten-year sovereign debt yields tumbled 15 basis points in Britain, 14 bps in Germany and five bps in Japan. Gold catapulted above $1900, gaining 1.3% to $1902.10 per ounce.  Oil slumped 2.7% to $84.08 per ounce. Share prices have plunged 5.6% in […] More

Stocks Down, Swiss National Bank Attacks Franc Strength

August 3, 2011

Calling the franc “massively overvalued at present,” Swiss monetary officials implemented a zero interest rate policy and announced other steps to flood domestic money liquidity.  Further measures were promised “if needed” in this effort.  The Swissy is 1.1% weaker against the dollar. Share prices in the Pacific Basin fell by 2.6% in Australia and South Korea, […] More

Fresh Concerns Weaken Stocks and Lift Dollar Slightly

July 5, 2011

Moody’s is warning that Chinese banks may hold more problematic loans than generally realized. Service sector purchasing manager survey results show loss of momentum.  Euroland suffers biggest month-to-month drop of index since February 2009. Euro are retail sales sank 1.1% in May, largest drop of 2011 so far. Reserve Bank of Australia keeps policy unchanged […] More

Little Change in the Dollar Ahead of U.S. Jobs Report

September 3, 2010

The dollar edged up 0.2% against the yen and the Swiss franc and by 0.1% versus the Australian and Canadian dollars.  The dollar fell 0.3% against the kiwi and by 0.1% against the euro.  The greenback is unchanged against the pound and yuan.  Market consensus calls for U.S. non-farm payrolls to drop around 100K, but […] More

Japanese and European Stock Prices Head Lower

August 4, 2010

Equities fell 2.1% in Japan, 0.7% in Australia, 0.4% in Singapore and 0.1% in South Korea but firmed 0.6% in Indonesia and the Philippines.  In Europe, stocks have lost 1.2% in Great Britain and Spain, 0.7% in France, and 0.5% in Germany.  Today’s data focal points are various service sector purchasing manager readings and the […] More