Financial Market Risk Aversion Persisting September 4, 2024 Equity markets slumped today by 4.5% in Taiwan, 4.2% in Japan, 3.2% in South Korea, 1.1% in Singapore and Hong Kong, and 0.7% in China. Major European stock markets are down around 0.5-1.0%, and U.S. futures point to a further decline, led by the tech sector. Nvdia,…
Turning the Page September 3, 2024 The start of any month offers the possibility of a new chapter, but that opportunity applies especially to September. It’s the start of a new school year and vacationers are returning to work. Days are discernibly shorter and cooler in the Northern hemisphere. The prevailing mood in financial market…
Market Activity Muted by U.S. and Canadian Labor Day Holidays, But Manufacturing Purchasing Manager Surveys Reported for Many Other Economies September 2, 2024 The dollar climbed 0.5% against the Japanese yen, but the weighted DXY dollar index is unchanged. Equity indices have edged 0.1% lower in Germany, France, Italy, Great Britain and Spain. Greater volatility…
Assessing the U.S. Economic Performance During the Biden Presidency September 1, 2024 The top if the Democratic Party political ticket has changed, but polls of voter opinion attaches more satisfaction with America’s economic performance in 2017-20 than 2021-24 and reflect faith that a second Trump administration would handle the U.S. economy better than a Harris…
Coming Week’s Menu: August 31-September 6, 2024 August 31, 2024 Central Banks: Interest rate policies will be reviewed in Canada, Poland and Malaysia. NY Fed President Williams has a public speaking engagement, and the Federal Reserve Beige Book of regional economic conditions gets published. Events and Holidays: German state elections in Saxony and Thuringia are…
August 2024 in Figures August 31, 2024 A sharper drop in U.S. long-term interest rates than those elsewhere during August was associated with renewed upward pressure on stocks and broadly spread dollar losses. At the Bank of England, officials among the five central banks featured in the table below were the only ones to hold…
A Lot of Data Out Today for Investors to Digest August 30, 2024 There’s been a typical end-of-month deluge of economic data releases but without significant financial market repercussions. The dollar rose 0.2% overnight against the Japanese yen and Swiss franc but shows no net change against the euro, sterling or Aussie and New Zealand…
Dollar Strengthening August 28, 2024 The weighted DXY index of the dollar recorded a larger than usual 0.6% advance today, with gains of 0.7% versus the euro, 0.5% against the yen, 0.4% relative to sterling, and 0.3% against the Swiss franc, kiwi, and Aussie dollar. Investors eagerly await the next significantly clue, which will be…
Looking for a Fresh Direction August 27, 2024 The U.S. presidential debate is two weeks away, and the mother of all elections will follow eight weeks after that. A once highly likely victory for Trump has been transformed into a close contest. The FOMC next meets September 17-18. Chairman Powell has all but telegraphed a…
Some Upbeat U.S. Data Gives Pause to Speculation that Fed Might Cut Rate by as Much as Half Percentage Point in September August 26, 2024 A 9.9% leap in U.S. durable goods orders in July was twice analyst expectations and more than reversed June’s 6.9% retrenchment. Core non-defense orders for capital goods other than aircraft…