URR News and Press, Morgan Stanley ZC SP REDEEM 30/04/2020 USD 40 From 08/05/21

US interest rates and the dollar turned higher following comments by the Fed's Vice Chairman Clarida, who appeared to throw his lot with the more hawkish members. The Bank of England is not in a hurry to adjust monetary policy, even though inflation is running a little above the mediu...

Japan's service PMI was revised to 47.4 from the preliminary estimate of 46.4 but remains below the 50 boom/bust level and is weaker than the 48.0 reading in June. The final eurozone service PMI was softer than expected, and this served to drag the composite below the flash estimate. ...

The Reserve Bank of Australia surprised investors by sticking to its plan to reduce its bond purchases next month. The eurozone's June PPI rose 1.4%, in line with expectations, which lifted the year-over-year rate to 10.2% from 9.6% in May. The US reports June factory orders and d...

As mentioned in previous TSI commentaries, the monetary backdrop will stop being supportive for the US stock market after the annual TMS growth rate drops below 6%. All else remaining the same, the relatively small amount of monetary inflation in China over the past 16 months would pa...

China's economy moderated in July, according to the official PMI released over the weekend. South Korea reported strong July trade figures, even though exports and imports did not grow as fast (year-over-year) as expected. The eurozone flash July manufacturing PMI was revised to 6...

Three macro considerations are shaping the investment climate: the evolution of the virus and the response, the timeframe of the Fed's tapering, and China's broad regulatory crackdown. China is doing what some of its critics were struggling to accomplish, namely, discourage further in...

Many large markets in the Asia-Pacific area fell by more than 1%, including Japan, Hong Kong, South Korea, and New Zealand. Singapore, India, and China's Shenzhen Composite were notable exceptions and posted minor gains. After reaching record highs yesterday, the Dow Jones Stoxx 600 h...

Chinese officials moved to calm markets. They did so by the regulators meeting with banks and trying to isolate the crackdown on private education while signaling that IPOs in the US are not banned. Germany reported a larger than expected decline in unemployment and what appears to be...

China's aggressive campaign has exploded on the international stage to become a major market force. Investors are continuing to try to make sense of Beijing's aggressive moves that appear to be a broad offensive that can only result in a slowing if not reversing of past efforts to int...

Reports today suggest China is considering a 10-25% tariff on steel exports starting in Q3 to rein in the sector. Interest in the eurozone's money supply figures has waned, perhaps as a result of the ECB's asset purchases and negative interest loans. The US 10-year TIP yield is at...