Overview: The NASDAQ rallied 1% yesterday to record highs as the Dow Industrials struggled, and the S&P 500 was able to eke out a small gain. The coattails were short, and the strength of the yen may have contributed to a 0.2% loss of the Nikkei. Still, its 6.2% advance this month is the best …
Canada Shrugs Off Loss of Morneau and Gold Reclaims $2000 Threshold Read More »
Overview: The poor price action on Tuesday in the S&P 500 was shrugged off, and new highs for the recovery were made as the record high nears. The dollar, on the other hand, seemed to find plenty of sellers against most of the major currencies. The yen was a notable exception. The dollar traded above JPY107 …
Overview: Profit-taking, perhaps spurred by disappointing retail sales figures, sent Chinese equity markets down by 4.5%-5.2% today, the most since early February. It appears to be triggering a broader setback in equities today. The Hang Seng fell 2%, and most other markets in the region were off less than 1%. India was bucking the trend …
Equities Slide and the Greenback Bounces After China’s GDP and Before the ECB Read More »
Overview: Investors continue to clamor into risk assets. Led by Chinese shares, the MSCI Asia Pacific Index pushed higher for the third session this week to new five-month highs. Europe’s Dow Jones Stoxx 600 is trying to snap a two-day decline with the help of better than expected revenues for its largest tech company. US …
The Dollar is Sold through CNY7.0 as Chinese Equities Continue to Rally Read More »
Overview: There is a nervous calm in the capital markets today after a late sell-off in US equities yesterday on the back of concerns about new virus cases in some states and revelations in a new book by former National Security Adviser Bolton. Asia Pacific equities were mixed, though, of note, China, Hong Kong, Taiwan, …
Markets Finding it Difficult to Rebuild Bullish Momentum Read More »
Overview: Hopes for a vaccine and a German-French proposal to break the logjam at the EU for a joint recovery effort helped propel equities higher yesterday. There was strong follow-through in the Asia Pacific region, where most markets advanced by more than 1% today. However, the bloom came off the rose, so to speak, in Europe. …
Overview: Risk appetites have been gradually waning this week. US equity losses mounted yesterday after Tuesday’s late sell-off. Asia Pacific equities were off, with many seeing at least 1.5% drops. Europe’s Dow Jones Stoxx 600 is off a little more to double this week’s decline and leaves it in a position to be the biggest drop …
Overview: The retreat in US stocks yesterday, coupled with disappointing earnings news, has sent equity markets lower today. However, the May Day holiday has closed most markets, warning of spill-over at the start of next week, though China’s markets are closed through next Tuesday and Japan through next Wednesday. In the Asia Pacific region, only two …
Overview: The dollar is lower across the board as dealers attribute the selling to month-end pressures ahead of the FOMC today and ECB tomorrow and long-holiday weekend for many. Japan’s Golden Week holiday has already begun. Despite the loss in US equities yesterday, despite the higher opening, it has not spilled over, as Alphabet earnings …
Overview: Global equities are struggling after the S&P 500 staged a dramatic reversal yesterday. The early 3.5% gain was completely unwound and closed slightly lower. With few exceptions (e.g., Japan and the Philippines), most equity markets in the Asia Pacific region and Europe are lower. Benchmark 10 year bond yields are consolidating yesterday’s rise, but peripheral …