U.S. jobless insurance claims
Softer World Growth Troubling Stocks
September 7, 2023
In the Federal Reserve Bank Beige Book of regional economic conditions released yesterday, only the Dallas district had better than modest growth, and even that regional economy was tarnished by uneven activity across sectors. Four districts stagnated, and the Philly district experienced a modest contraction of activity. Second-quarter GDP in the euro area has been […] More
Japanese and Euroland GDP Reported… Also Monetary Policy Decisions in India and Serbia
June 8, 2023
The dollar slipped further overnight, losing 0.5% against the Australian dollar, 0.4% versus the kiwi, 0.3% relative to the yen and euro, and 0.2% against the Swiss franc and sterling. One currency that fell against the dollar was the Turkish lira, which dropped 0.4% additionally. With both the European Central Bank and possibly the Federal […] More
A Deadly and Stressful Year about to Close
December 30, 2021
With New Years Day falling on Saturday, most major markets will not be trading tomorrow. What trading there has been today has been light, and there will be few regrets to seen 2021 pass on to the ages. The weighted DXY dollar index has slipped less than 0.1% overnight but shows a significant advance of […] More
Fresh Dose of Moderate Risk Aversion Attributed to Covid Concerns
December 9, 2021
Ten-year sovereign debt yields retreated overnight by four basis points in the Netherlands, Germany, France and Spain, three basis points in the United States and two basis points in Great Britain. Safe haven demand lifted the U.S. dollar by 0.6% against the Swiss franc and Mexican peso, 0.5% versus the euro and Chinese yuan, 0.4% […] More
Inflation Up, Unemployment Down, and a Beige Book Report that Won’t Impede Fed Tapering
December 2, 2021
In overnight market developments, the price of WTI oil plunged over 4% to a 3-1/2 month low of $62.42 per barrel following the cartel’s decision to retain production increases that are to take effect next month, but that drop has been almost entirely reversed as the price moved back above $65. The dollar fell 0.4% […] More
Some Central Bank Developments and a Displeasing U.S. Labor Market Development
July 22, 2021
New U.S. jobless insurance claims last week totaled 419K, 51k greater than in the prior week, roughly 70k above street expectations, and the most in nine weeks. The news dampened the stock market euphoria of recent sessions. The dollar is little changed from its closing Wednesday levels, with dips of 0.1% against the euro, yen […] More
Financial Markets Continuing to React to American Rescue Plan
March 11, 2021
The $1.9 trillion American Rescue Plan will be signed by President Biden tomorrow. This is an aggressive relief effort aimed predominantly at the middle class and includes another round of direct payments to households, an extension of unemployment benefits, and — something excluded from the CARES act — support for state and local governments. In […] More
Tension on Several Fronts but Market Moves Muted Overnight
January 14, 2021
President Trump has been impeached by the House of Representatives for the second time in 13 months. The Senate trial will commence soon after he leaves office. New Covid cases and deaths remain highly elevated in many countries. The British daily death toll set a record yesterday. Bank of Japan Governor Kuroda said monetary stimulus […] More
The Cavalry Isn’t Coming… Investors Are on Their Own
October 15, 2020
U.S. Treasury Secretary Mnuchin concedes that a fiscal stimulus deal before the election isn’t going to get done, and there’s little reason to expect the dynamics to shift after November 3rd. Central bankers, whose policies are hitting diminishing returns, have been pleading for more forceful fiscal support. The Dallas Fed President said displaced workers will […] More
The Debate, Central Bank News, and More Data to Digest
October 8, 2020
Any reaction to the single U.S. vice presidential debate last night has already been squashed by just-breaking news regarding the second presidential debate scheduled for October 15th in Miami. The debate commission decided that debate should be held virtually rather than in person inasmuch as President Trump and many of his advisers have Covid, and […] More
