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After underperforming earlier in the year, Japanese equities started rising in late August and should maintain strong momentum in the coming months. The Japanese economy’s growth in the recovery quarter, Q2, was solid; and the full-year growth rate for 2021 is projected at 2.4%...
The current slowdown was telegraphed by the bond market, and we’re now in the midst of it. There are any number of reasons to think the economy will just keep fading all the way back to the pre-COVID trend of about 2%. I don’t see any reason to believe we are near recess...
The focus in the US shifts from the labor market to pricing pressures. EU economic and financial affairs ministers are meeting in Slovenia. The meeting concludes on Saturday, September 11. The UK releases August unemployment claims and the unemployment rate on Tuesday. For f...
Equity markets were broadly higher in August, propelled by a late-month resurgence in risk appetite. The FTSE Emerging index rose 2.8% in for all of August, and along with Japan and the US, outperformed the FTSE Developed index gain of 2.6%. Small caps enjoyed a similar renaissanc...
To date, 2021 has been as almost good as it gets for equity investors. Any slowdown in growth has yet to feed into consensus earnings forecasts which have continued to increase over the summer. Investors have few high-yielding alternatives for as long as real and nominal bond yiel...
The economic slowdown we’ve been writing about for months officially arrived last Friday in the form of a particularly weak employment report. But the US economy did still add 235,000 jobs in August. The economic recovery is still intact, even if at a reduced rate of change. ...
USD finished last week on a soft note but steadied at the start of the week, edging higher against nearly all major currencies. The Australian and New Zealand dollars were the weakest, off about 0.3%. The JP Morgan Emerging Market Currency Index snapped a six-day rally, its longest in...
The August nonfarm payroll report showed the delta variant hit to the economy is just beginning. Next week is all about Fed speak. ECB meetings are about to get far more interesting. It is a quiet week for economic data, with Wednesday’s JOLTS job openings reading for July,...
Global manufacturing remained beset by unprecedented supply issues in July, which constrained output and drove prices higher. The analysis of survey responses suggests that the number of companies reporting lower production due to staff or materials shortages is running at around five...
The issue of demography plagues Japan and the U.S. equally. The advancing decades show birth rates dropping as dependency on social welfare climbs. The problem, as with Japan, is that demographics are undermining the support for the social welfare system. The aging population is curre...