IN THE OVERNIGHT 8 AUGUST
Sea of RED TOP STORIES OVERNIGHT Disinflation Spreads Across Emerging Markets and Selloff Deepens-BBG A selloff in emerging markets accelerated Tuesday after data releases from China to Hungary underscored the price nations are paying for disinflation: a deeper slowdown in economic growth than initially expected. The MSCI Emerging Market Index of stocks headed for the lowest close in almost […]
WEEKEND PREP 6 AUGUST
The BIG NEWS last week was the US debt downgrade from Fitch…what does this really mean? Via Edward Jones: August started with a bang, as the market’s summer calm was disrupted by news that Fitch, one of the “Big Three” credit agencies, downgraded the U.S. debt rating from AAA to AA+. This is the second […]
IN THE OVERNIGHT 4 AUGUST
Non-Farm payroll Friday! Mostly GREEN! TOP STORIES OVERNIGHT S&P Global / CIPS UK Construction PMI Total construction output returns to growth in July Fastest upturn in supplier performance since March 2009 July data signalled a renewed expansion of overall construction output, following the marginal decline seen during the previous month. This was led by the […]
IN THE OVERNIGHT 3 AUGUST
Pretty RED out there TOP STORIES OVERNIGHT Ackman Says He’s Short 30-Year Treasuries as Supply Ramps Up -BBG Bill Ackman is making sizable bets on declines for 30-year US Treasuries as a hedge on the impact of higher long-term rates An increasing supply of Treasuries will be needed to fund the current budget deficit, future spending […]
IN THE OVERNIGHT 2 AUGUST
US GETS DOWNGRADED BY FITCH (SEE BELOW) SEA OF RED TOP STORIES OVERNIGHT Fitch downgrades US credit to AA+ from AAA Fitch’s US Credit Downgrade Sparks Criticism Along With Unease-BBG Fitch Ratings’ downgrade of US government debt sparked criticism from Washington and Wall Street even amid unease that swollen fiscal deficits risk eventual turbulence in markets, the economy […]
IN THE OVERNIGHT 1 AUGUST
Asia Mixed…Europe RED TOP STORIES OVERNIGHT China Caixin Manufacturing PMI China Caixin Manufacturing PMI Jul: 49.2 (est 50.1; prev 50.5) Manufacturing conditions in China moderated slightly in July, according to latest PMI survey data. Firms signalled a marginal fall in production amid a fresh decline in overall new business. Muted foreign demand was a key factor […]
WEEKEND PREP 30 JULY
FOMC LAST WEEK WITH AN UNSURPRISING RATE HIKE …BUT WHAT DOES IT ALL MEAN? According to Edward Jones: The Fed and markets will digest two additional CPI inflation readings and two U.S. jobs reports between now and the Sept. 20 meeting. This will help determine the path of interest rates going forward. Powell did acknowledge, […]
IN THE OVERNIGHT 28 JULY
Asia GREEN..Europe Mixed TOP STORIES OVERNIGHT Global Bonds Slip as Japan Loosens Grip on Yields-BBG Having previously capped bond yields at 0.5% in a bid to stoke borrowing and its economy, the central bank said today it now regarded that level as a reference point rather than a rigid limit. The move sent Japan’s 10-year […]
IN THE OVERNIGHT 27 JULY
Mostly Green TOP STORIES OVERNIGHT Global equities surged and the dollar retreated, as investors wagered the Federal Reserve has reached the end of its 16-month long policy-tightening cycle. A raft of earnings beats from high-profile companies added to the bullish momentum, propelling the Stoxx Europe 600 index 1% higher to a two-month high, while US futures […]
IN THE OVERNIGHT 26 JULY-FOMC EDITION
HAPPY FOMC DAY! MARKET HAS FULLY PRICED IN A 25bps HIKE Mixed Markets Overnight TOP STORIES OVERNIGHT UBS on FOMC: We expect a 25 bp rate hike at the July FOMC meeting. We expect the Chair to say more may be needed but that will depend on the economic data, and decisions will be made […]