In the US, we received more of the delayed data following the end of the government shutdown last week. September retail sales disappointed with retail sales growing only 0.2% m/m below expectations of a 0.4% m/m rise and the control group saw spending decline by 0.1% m/m against an expected rise of 0.3% m/m. Hence,…
Markets were broadly quiet today as holiday conditions dominated trading, with liquidity thinning further after a major technical issue at the Chicago Mercantile Exchange brought several platforms to a halt. The CME said trading had come to a standstill due to a cooling problem at one of its data centers. The outage affected Globex futures…
Markets Global markets developed as one could expect with US markets closed for Thanksgiving. A lack of guidance from US markets and too little ‘new news’ on this side of the Atlantic resulted in technical, order-driven trading. Minutes of the October 29-30 ECB policy meeting didn’t bring much directional insights. The ECB looks very happy…
Markets The UK budget announcement by Chancelor of the Exchequer Reeves was hoped for to bring some clarity on the future path of UK Public finances and provide markets with some insights on what to expect on the UK economic performance over the coming years. However, the political communication process was unexpectedly perturbed by an…
Markets The European Commission published its Autumn Economic Forecast today. They project real GDP growth of 1.3%-1.2%-1.4% in the euro area. Economic growth exceeded the Commission’s Spring forecast (0.9%-1.4%-1.4%) in the first nine months of the year thanks to a surge in exports ahead of anticipated tariff increases and a stronger performance of investment in…
Markets Risk sentiment turned sour today, both in Europe and in the US. Signs of fatigue were showing up in recent days. Many stock indices hovered sideways near the record highs with higher openings often used as a moment to take some chips off the table. It were Palantir’s earnings released after-market yesterday that ignited…
Risk appetite has not fully enjoyed the treats of a Fed rate cut, strong earnings and trade peace. Fedspeak, the US Supreme Court and US data could challenge the Dollar’s current strength. Aussie and Pound are on divergent paths as respective central banks meet next week. Yen weakness fuels verbal interventions; the battle for $4,000…
Markets ADP, the compiler of the unofficial/private labor market report ahead of the monthly payrolls, announced it’ll produce a four-week moving average of the latest total private employment change, starting today. The gauge will be published every Tuesday except in the week when its monthly jobs report is on tap. The inaugural release showed an…
Trade war de-escalation. The Fed will continue to cut rates. Politics is holding back the euro. Verbal interventions are helping the yen. The de-escalation of the US-China trade conflict has shifted market attention to central bank monetary policy. Finance Minister Scott Bessent said that the negotiations had created a successful framework for the two countries’…
Highlights include US-China trade talks, FOMC, BoC, BoJ, ECB and Aussie CPI Fed Interest Rate MON: Chinese Industrial Profit (Sep), German Ifo (Oct), EZ M3 (Sep), US Durable Goods (Sep), Dallas Fed (Oct) TUE: German GfK (Nov), US Consumer Confidence (Oct), Richmond Fed (Oct) WED: FOMC & BoC Policy Announcements; Australian CPI (Sep &…