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Macro News Global: To the exception of the oil move we saw this weekend following Saturday’s attack on the ‘world’s most important oil processing plant,’ which pushed front-month futures on Brent and WTI up by 20%, the other spectacular move was the consolidatio...
The euro has halted its rise against the pound is spectacular fashion, falling from its recent highs of around 0.93 quickly down to present prices of around 0.8850. What's next is likely further lower prices, although the pair is now close to important monthly support levels. The chart below...
By Andrew Mulliner, CFA Andrew Mulliner, CFA, a Global Bonds Portfolio Manager, reflects on the European Central Bank’s decision to cut rates and bring back quantitative easing. Expectations were high coming into the European Central Bank (ECB) meeting on Thursday in spite o...
Overview: Oil prices surged in the initial reaction to the unprecedented drone attack on Saudi Arabia facilities. Saudi Arabia may be able to restore around half of the lost production in a few days. Saudi Arabia and other countries, including the US, prepared to tap strategic reserves, and ...
The euro remains under pressure. With European interest rates trading at record lows, and with macroeconomic sentiment remaining overwhelmingly negative, the EUR/USD cross continues to trade lower. However, the rate of decline has steadied more recently. Where will the pair trade next? The c...
By Jeffrey Halley Oil futures leapt this morning by over 15% in a knee-jerk reaction to the attack on the Saudi Arabia Abqaiq oil facility over the weekend that notionally, took 5% of the world's supply offline. Brent futures spiked by 20% and WTI futures by 15% despite U.S. President Trum...
The most striking thing about last week's price action was the surge in US yields. The 10-year yield jumped about 34 basis points, the most in three years and returned to levels not seen since August 2 (1.90%). A deluge of investment-grade corporate bonds and US Treasuries ($78 bln auctioned...
The financial press, and many institutions and individuals, are highly concentrated on our "Game of Thrones" with China. Make no mistake here, the tariff skirmishes are just part of the overall battle, one part. There is much more going on here besides the wrangling about tariffs and consumpti...
Overview: The markets are digesting ECB's actions and an easing in US-Chinese rhetoric. Next week features the FOMC meeting and three other major central banks (Japan, Switzerland, and Norway). The US equity rally that saw the S&P 500 edge closer to the record high set in late July spill...
As expected, the ECB cut its deposit rates by 10bps to 0.5% and announced that it will restart its asset-purchase program in November, buying EUR 20bn of sovereign and corporate bonds as long as the Euro area economy needs, and will end the program 'shortly before rising the key policy rate'. ...