Korea

Covid-19 Contagion Outside China Keeps Investors on the Defensive

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Overview: The spread of Covid-19 outside of China and early signs of the economic consequences again emerged to weigh on investor sentiment. Poor Japanese and Australian preliminary February PMI reports and some trade indications from South Korea saw most Asia Pacific equities sell-off. China was an exception. The small gain (0.3%), lifted the Shanghai Composite …

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Geopolitics Saps Risk Appetite

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Overview: Iran’s Ayatollah Ali Khamenei has threatened “severe retaliation” for the US attacked that killed an important head of a force within the Islamic Revolutionary Guard. At the same time, reports indicate that North Korea’s Kim Jong Un is no longer pledging to halt its nuclear weapons testing and has threatened to unveil a …

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Global Equities Follow US Lead, Dollar Steadies

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We argued that the talk of trade war was exaggerated. The confrontation, strong demands and a climb down is the Art of the Deal, and is part of the way the Trump Administration negotiates. We see striking parallels between the policymakers and tactics with the Reagan Administration’s attempt to pry open Japanese markets. A combination of …

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Equity Meltdown Aborted, Dollar Eases

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After a poor start in Asia, equities recovered. The MSCI Asia Pacific initially extended last week’s losses and fell to its lowest level since February 12 before recovering to finish near its highs, 0.4% above last week’s close. European markets followed suit. They did not have to take out last week’s lows. The Dow Jones …

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Short Note Ahead of the Weekend

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(Sporadic updates continue as the first of two-week business trip winds down) North Korea missile launch failed to have much impact in the capital markets. The missile apparently flew the furthest yet, demonstrating its ability to hit Guam. However, there was not an immediate response from the US. South Korea said it had simultaneously conducted its …

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Greenback Mixed, North Korea and PMIs in Focus

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Reports suggesting that North Korea is moving an ICBM missile toward launch pad in the western part of the country at night to minimize detection, while South Korea is escalating its military preparedness and the US seeks new sanctions, keep investors on edge. Risk assets are mixed. Gold is slightly lower. While the yen is …

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North Korea’s H-Bomb Rattles Monday’s Markets

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North Korea’s apparent test of a hydrogen bomb spurred a quick and fairly predictable response by investors, given that the US market was closed for the Labor Day holiday. The funding currencies, like the yen and Swiss franc, were bought back, gold rallied, and equities were sold. While playing up the fact that all options, …

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Dollar Losses Accelerate After North Korea Sends Missile over Japan

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A brief period of quiet, which some may have confused with a change in posture, North Korea followed up the weekend’s test of three ballistic missiles with what appears to have been an intermediate missile that flew over Japan. South Korea responded with its own symbolic display of force by dropping bombs by the DMZ. …

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Greenback Firmer in Becalmed Markets

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The US dollar is enjoying a firmer tone in quiet. Sterling is stabilizing after grinding down to its lowest level since late June. The Mexican peso, which had dropped in thin trading in Asia and Europe yesterday following Trump’s threat to exit NAFTA and force Congress to fund the Wall or face a government shutdown …

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Consolidation in Capital Markets Conceals Coming Turbulence

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A mixed US dollar will greet the North American participants today. It is softer against the euro and yen, but firmer against the dollar-bloc currencies. Among the emerging market currencies, the eastern and central European currencies are moving higher in the euro’s draft. The US recognition that North Korea has not escalated the war of …

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