Overview: Global equities are extending their recent gains while bonds remain on the defensive. The dollar is firm. There is a degree of optimism that is prevailing. There are some more overtures in terms of US-Chinese trade. In Hong Kong, developers and banks led an equity rally on ideas that the political tensions may ease. South …
Overview: Global equities are advancing at least in part on ideas that trade tensions are easing. China announced it would not take immediate action on the five percentage point increase in levies that the US announced strictly in response to China’s retaliatory tariffs. A lull between blows is not the same thing as de-escalation or …
US Dollar Finishing August on Firm Note as Euro nears Two-Year Lows Read More »
President Trump’s tweets last week announcing the end of the tariff truce signaled a new phase in the US-Chinese tensions. China responded as did investors. I was fortunate to have been invited to the Bloomberg set to discuss the issues of the day. In this two-minute clip, I suggest there will be far-reaching implications for …
Overview: The S&P 500 set a new record high and close yesterday, but the lift to global markets was not strong enough to overcome the disappointing Chinese PMI. Although Chinese equities traded higher on ideas that the news will spur additional stimulative measures, other Asian markets were mixed. Samsung’s profit miss weighed on Korean shares …
Overview: Weak manufacturing PMI readings are curbing risk appetites ahead of the US jobs report. Growth concerns are top and center after dovish Fed and the Bundesbank’s Weidmann warning that Germany may undershoot 1.5% growth this year, though the ink is barely dry on the central bank’s forecast for 1.6% growth this year and next. …
Overview: The US dollar is firmer against most major and emerging market currencies. The yen is a notable exception, and it is firmer, but well within recent ranges. The dollar-bloc currencies and the Norwegian krona are the weakest of the majors as a setback in equities and oil reflects a diminished risk appetite. The IMF …