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Overview: Soft data in Asia and the continued decline in the yuan (six days and counting) prevented Asian equities from following the US lead from yesterday when the S&P 500 advanced by 0.8%. European shares are paring yesterday's 1.2% advance despite an unexpected gain in the EMU flash ...
Macro News Global: Markets have been quiet in the past few days, waiting for the kick-off of the central bank’s annual Jackson Hole symposium on Friday. With the amount of negative-yielding bonds closely approaching $17 trillion (see chart of the week), up from $8 trillion in the...
Outlook: The end of the US equity three-day advance yesterday weighed on Asia Pacific shares today. Most benchmarks fell. Better than expected trade data helped Thailand buck the trend. A firmer tone emerged in the European morning, and the Dow Jones Stoxx 600 has recouped yesterday's losses...
Overview: Global equities and bonds are firmer in quiet turnover, and the dollar is narrowing mixed in narrow ranges. The big events of the week, the eurozone flash PMI and Powell's speech at Jackson Hole, still lie ahead. The MSCI Asia Pacific Index rose for the third consecutive session, l...
Overview: China announced some changes in its interest rate framework that is expected to lead to lower rates. This helped lift equity markets, which were already recovering at the end of last week from the earlier drubbing. Chinese and Hong Kong shares led the regional rally with 2-3% gains...
The White House is unlikely to comment on it, even if it is aware that the Chinese yuan was the third strongest currency in the world last week. The British pound was the strongest, rising a little less than 1% against the dollar and snapping a 14-week plummet against the euro. None of the o...
Overview: The global capital markets are ending the tumultuous week calmly, but it is far from clear that is will hold long. Next week's flash PMIs have potential to disappoint, and there is risk of new escalation in the US-China trade conflict as the PRC threatens to take action to counterm...
Overview: It took some time for investors to recognize that the scaling back of US tariff plans was not part of a de-escalation agreement. There was an explicit acknowledgment by US Commerce Secretary Ross that there was no quid pro quo. The US tariff split was more about the US than an over...
Overview: The US cut its list of Chinese goods that will be hit with a 10% tariff at the start of next month by a little more than half, delaying the others until the mid-December. This spurred a near-euphoric response by market participants throughout the capital markets. However, as the ne...
The euro has not been around for all that long, but it is one of the leading world reserve currencies. The status of the euro is second only to the US dollar when it comes to the foreign exchange instruments, central banks and monetary authorities hold as a reserve asset. The euro currency r...