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Oil Surge Pared, Markets Remain on Edge

September 16, 2019
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, oil prices have seen the initial gains halved.  Brent is t…
Oil Surge Pared, Markets Remain on Edge Oil Surge Pared, Markets Remain on Edge Reviewed by Marc Chandler on September 16, 2019 Rating: 5
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Jump in Yields Didn't Derail Equity Rally While Sterling Rallies Ahead of the Weekend on (misplaced) Brexit Optimism

September 15, 2019
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 to lukewarm reception), coupled with an accelerati…
Jump in Yields Didn't Derail Equity Rally While Sterling Rallies Ahead of the Weekend on (misplaced) Brexit Optimism Jump in Yields Didn't Derail Equity Rally While Sterling Rallies Ahead of the Weekend on (misplaced) Brexit Optimism Reviewed by Marc Chandler on September 15, 2019 Rating: 5
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Six Things to Watch in the Week Ahead

September 14, 2019
The prospect of a third trade truce between the US and China helped underpin the optimism that extended the rally in equities.  Bond yields continued to back-up after dropping precipitously in August, led by a more than 30 bp increase in the US yield benchmark.  The Dollar Index fell for the second consecutive week, something it had not done this …
Six Things to Watch in the Week Ahead Six Things to Watch in the Week Ahead Reviewed by Marc Chandler on September 14, 2019 Rating: 5
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Cool Video: Thoughts on ECB

September 13, 2019
A few hours after the ECB announced a new package of monetary accommodation, I joined a discussion on CNBC Asia with Nancy Hungerford and Sir Jegarajah. Here is a clip of part of our discussion. 
I make two points.  The first is about the euro's price action.  What impressed me about it was that the euro posted an outside up day, trading on b…
Cool Video: Thoughts on ECB Cool Video:   Thoughts on ECB Reviewed by Marc Chandler on September 13, 2019 Rating: 5
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Bonds and the Dollar Remain Heavy Ahead of the Weekend

September 13, 2019
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 spilled over to lift Asian markets.  Chinese and Korean…
Bonds and the Dollar Remain Heavy Ahead of the Weekend Bonds and the Dollar Remain Heavy Ahead of the Weekend Reviewed by Marc Chandler on September 13, 2019 Rating: 5
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Focus on the ECB, while the Dollar Slips below CNY7.09

September 12, 2019
Overview: Some gestures in the US-China trade spat have given the market the reason to do what it had been doing, and that is taking on more risk. Equities are higher in Asia Pacific and opened in Europe higher before slipping. The MSCI Asia Pacific and the Dow Jones Stoxx 600 are advancing for the fourth consecutive week.  US shares are firmer in…
Focus on the ECB, while the Dollar Slips below CNY7.09 Focus on the ECB, while the Dollar Slips below CNY7.09 Reviewed by Marc Chandler on September 12, 2019 Rating: 5
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Dollar is Firm as ECB is Awaited

September 11, 2019
Overview: Global equities are extending their recent gains while bonds remain on the defensive.  The dollar is firm. There is a degree of optimism that is prevailing. There are some more overtures in terms of US-Chinese trade. In Hong Kong, developers and banks led an equity rally on ideas that the political tensions may ease. South Korea reported…
Dollar is Firm as ECB is Awaited Dollar is Firm as ECB is Awaited Reviewed by Marc Chandler on September 11, 2019 Rating: 5
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Turn Around Tuesday

September 10, 2019
Overview: The momentum from the end of last week carried into yesterday's activity, but the momentum began fading.  Today, equities were mixed in Asia Pacific and weaker in Europe. The Dow Jones Stoxx 600 reversed lower yesterday and is slipped further today.  The S&P 500 may gap lower at the open.  US 10-year yields are a little softer af…
Turn Around Tuesday Turn Around Tuesday Reviewed by Marc Chandler on September 10, 2019 Rating: 5
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Market Sentiment Still Constructive

September 09, 2019
Overview: The improvement of investor sentiment seen last week is carrying over into the start of the new weeks.  Global equities are firm as are benchmark yields. Asia Pacific equities advanced, except in Hong Kong, where Chief Executive Lam's promise to formally withdraw the controversial extradition bill failed to deter protests.  European …
Market Sentiment Still Constructive Market Sentiment Still Constructive Reviewed by Marc Chandler on September 09, 2019 Rating: 5
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