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On Thursday, December 12, the citizens of the United Kingdom will go to the voting booths to decide the future leadership of the nation. In what is the most significant election since June 2016, when the UK voted to exit the European Union, this contest will serve as a second referendum. The P...
Overview: Equities are trading lower, and bonds are mixed as the FOMC, UK election, and the US decision on the December 15 tariffs draw near. The MSCI Asia Pacific Index three-day rally ended today as only China and South Korea's markets rose. Europe's Dow Jones Stoxx 600 gapped slightly low...
Overview: The important week is off to a slow start. While the MSCI Asia Pacific benchmark extended its gains for a third session, European and US shares are struggling. The Dow Jones Stoxx 600 is consolidating its pre-weekend 1%+ rally, while US shares are trading heavier after rallying for...
The strength of the US jobs report stopped the weaker dollar that was threatening to emerge. There are two risk events in the second half of next week: the UK election and Trump's decision on the December 15 tariffs. The market expects a Tory victory, allowing Brexit to proceed, and for the ...
European manufacturing is definitely in the doldrums We have the PMIs for various European manufacturing sectors and, barring Greece and France, they're all in contractionary territory. Of course, the one that matters is Germany, and that's been in at least technical recession for months now...
Overview: Asia Pacific equities closed higher today, with India being a notable exception. Hong Kong and South Korea led with 1% rallies. For the week, the MSCI index for the region advanced to snap a three-week decline. European and US bourses have not fared as well. The Dow Jones Stoxx 600...
In mid-November, I asserted that I expect the EUR/USD to hit the 1.05 mark in a matter of months. My reasons for doing so included the fact that zero rates in Europe are expected to last until 2022 at the earliest, and Italian bonds are now yielding higher rates than that of Greece –...
UK business activity contracted for the fifth time in the past six months during November, marking the economy's worst spell since 2009. Brexit and general election uncertainty caused further postponements or cancellations of orders and spending, leaving firms focusing on cost reduction, notab...
Overview: Global equity markets have resumed their climb after a wobble at the end of last week and earlier this week. A strong recovery in the S&P 500 on Tuesday signaled yesterday's strong advance that left a bullish one-day island low in its wake. MSCI Asia Pacific Index snapped a two...
Overview The prospect of not just the failure of the US and China to resolve its trade dispute but a new escalation has sapped the confidence that had lifted equity benchmarks and the greenback. Led by more than a 1% decline in Tokyo (Nikkei), Hong Kong, and Australia, all the major markets ...