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Macro as September Winds Down

September 26, 2020
The dollar began September extending its losses, but reversed higher and is winding down the month at its best levels against the euro and sterling in a couple of months. The Canadian and Australian dollars have approached last month's lows, and even the strong demand for the Mexican peso and Chinese yuan appeared to have dried up.   The quart…
Macro as September Winds Down Macro as September Winds Down Reviewed by Marc Chandler on September 26, 2020 Rating: 5
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Sentiment Remains Fragile Ahead of the Weekend

September 25, 2020
Overview: The dramatic week is finishing on a quieter note.  The modest gains in US equities yesterday helped the Asia Pacific performance today.  Most markets but China and Hong Kong pared the weekly losses, and easing regulations in Australia spurred a rally in financials that saw its stock market close higher on the week.  However, the coattail…
Sentiment Remains Fragile Ahead of the Weekend Sentiment Remains Fragile Ahead of the Weekend Reviewed by Marc Chandler on September 25, 2020 Rating: 5
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Darkest Before Dawn

September 24, 2020
Overview:  The two recent market developments, push lower in stocks, and higher in the dollar is continuing. Tuesday's gains in the S&P 500 and NASDAQ were unwound on Wednesday and this is helping drag global markets lower.  The MSCI Asia Pacific Index fell for the fourth consecutive session today and many markets (India, Shenzhen, Taiwan,…
Darkest Before Dawn Darkest Before Dawn Reviewed by Marc Chandler on September 24, 2020 Rating: 5
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Trying to Find Solid Ground

September 23, 2020
Overview: A more stable tone is evident in the capital markets after the S&P 500, and NASDAQ rose more than one percent yesterday.  Japan returned from a two-day holiday, and local shares slipped fractionally, while China, Hong Kong, South Korea, and Australian shares rallied.  India and Taiwan fell.  The Dow Jones Stoxx 600 is up around 1.5% …
Trying to Find Solid Ground Trying to Find Solid Ground Reviewed by Marc Chandler on September 23, 2020 Rating: 5
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Turn Around Tuesday?

September 22, 2020
Overview:  The S&P 500 tumbled for its fourth consecutive, the longest losing streak since February.  The dollar strengthened broadly.  Part of this may be the safe-haven bid the dollar often seems to have, reflecting the unwinding of financial structures when risk assets sell-off hard.  Part of it appeared to be foreign investors liquidating …
Turn Around Tuesday? Turn Around Tuesday? Reviewed by Marc Chandler on September 22, 2020 Rating: 5
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Risk Appetites Join Tokyo on Vacation

September 21, 2020
Overview:  Global equity markets are off to a poor start to the week, and the dollar appears to be enjoying a safe-haven bid.  Tokyo markets are closed until Wednesday, while Asia-Pacific stocks tumbled, and the regional index is unwinding last week's gains.  The Dow Jones Stoxx 600  is off around 2.7% near midday in Europe.  It is the third d…
Risk Appetites Join Tokyo on Vacation Risk Appetites Join Tokyo on Vacation Reviewed by Marc Chandler on September 21, 2020 Rating: 5
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The Charts: Ugly Equities and a Range Bound Dollar

September 20, 2020
The major central banks have met, and not one felt it incumbent upon them to take fresh policy action.  Despite some dramatic intraday swings and close scrutiny, the euro-dollar exchange rate continues to be mainly in a $1.17-$1.19 trading range that has dominated since the end of July.  All the brouhaha about the rapid rise of the euro misses tha…
The Charts: Ugly Equities and a Range Bound Dollar The Charts: Ugly Equities and a Range Bound Dollar Reviewed by Marc Chandler on September 20, 2020 Rating: 5
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It was the Best of Times, It was the Worst of Times

September 19, 2020
After disparaging the French Revolution at the Paris G7 summit in 1989, Margaret Thatcher left a copy of Dicken's Tale of Two Cities for the French Socialist President Mitterand.  The story, as it will be recalled, contrasts the revolutionary chaos of Paris in 1789 to the peaceful London.  The French Revolution was also the subject of the seem…
It was the Best of Times, It was the Worst of Times It was the Best of Times,  It was the Worst of Times  Reviewed by Marc Chandler on September 19, 2020 Rating: 5
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When Every Thing is Said and Done, More is Said than Done

September 18, 2020
Overview:  Asia Pacific equities have taken the march on the US.  Led by a 2% rally in Shanghai, most regional markets but Australia closed the week with gains.  A two-week fall in the MSCI Asia Pacific Index has been snapped.  European stocks are little changed, and the Dow Jones Stoxx 600 is holding on to its second week of gains.  It is in the …
When Every Thing is Said and Done, More is Said than Done When Every Thing is Said and Done, More is Said than Done Reviewed by Marc Chandler on September 18, 2020 Rating: 5
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