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The Return of Spheres of Influence

January 27, 2020
Traditionally, international relations were driven by what is called spheres of influence.  European and Japanese governments divided Asia and Africa among them. The spheres were often political concessions or the result of direct force,   War was often the price to be paid for increasing one's sphere.  Though simplistically expressed here to …
The Return of Spheres of Influence The Return of Spheres of Influence Reviewed by Marc Chandler on January 27, 2020 Rating: 5
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Greenback Set to Close the Month on Firm Note

January 26, 2020
((I am in California for the next two days and the time zone will interrupt the regular schedule of the commentary. Apologies for the disruption.)


The US dollar rose against most of the major currencies last week for which the new SARS-like virus injected fresh volatility into the capital markets.  There were two exceptions.  The first is the Japan…
Greenback Set to Close the Month on Firm Note Greenback Set to Close the Month on Firm Note Reviewed by Marc Chandler on January 26, 2020 Rating: 5
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The Week Ahead and Why the FOMC Meeting may not be the Most Interesting

January 25, 2020
The week ahead is arguably the most important here at the start of 2020.  The Federal Reserve and the Bank of England meet. The US and the eurozone report initial estimates of Q4 19 GDP.  The eurozone also reports its preliminary estimate of January CPI.  China returns from the extended Lunar New Year celebration and reports its official PMI.  Jap…
The Week Ahead and Why the FOMC Meeting may not be the Most Interesting The Week Ahead and Why the FOMC Meeting may not be the Most Interesting Reviewed by Marc Chandler on January 25, 2020 Rating: 5
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Coronavirus Hits Asia Hardest, Europe and the US Resilient

January 24, 2020
Overview: The new coronavirus in China has moved into the vacuum left by the US-China trade agreement and clear indications that the Bank of Japan, the European Central Bank, and the Federal Reserve are on hold as investors searched for new drivers. The World Health Organization refrained from calling it a public health emergency even though China…
Coronavirus Hits Asia Hardest, Europe and the US Resilient Coronavirus Hits Asia Hardest, Europe and the US Resilient Reviewed by Marc Chandler on January 24, 2020 Rating: 5
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ECB's Strategic Review and the Coronavirus Command Investors' Attention

January 23, 2020
Overview: The spread of the coronavirus and the lockdown in the epicenter in China has again sapped the risk-taking appetite in the capital markets. Asia is bearing the brunt of the adjustment. Tomorrow starts China's week-long Lunar New Year celebration when markets will be closed, which may have also spurred today's drama that aw the Sha…
ECB's Strategic Review and the Coronavirus Command Investors' Attention ECB's Strategic Review and the Coronavirus Command Investors' Attention Reviewed by Marc Chandler on January 23, 2020 Rating: 5
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Fragile Stability in Capital Markets even as SARS Comparisons Grow

January 22, 2020
Overview: The S&P 500 lost less than 0.3% yesterday, even as the first case of the Wuhan Virus was found in the US. The relative subdued US reaction may have helped stabilize the capital markets today. Nearly all the major markets in the Asia Pacific regions rose, including more than a 1% gain in Hong Kong and South Korea. European shares are …
Fragile Stability in Capital Markets even as SARS Comparisons Grow Fragile Stability in Capital Markets even as SARS Comparisons Grow Reviewed by Marc Chandler on January 22, 2020 Rating: 5
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New Respiratory Illness Saps Risk-Taking Appetites

January 21, 2020
Overview:  The spread of a new respiratory illness in China has spurred a wave of profit-taking in equities and risk assets more generally.  All of the markets in the Asia Pacific region tumbled, with Hong Kong hit the hardest (-2.8%) after posting a key reversal yesterday.  The sell-off continued in Europe.  The Dow Jones Stoxx 600 is off about 0…
New Respiratory Illness Saps Risk-Taking Appetites New Respiratory Illness Saps Risk-Taking Appetites Reviewed by Marc Chandler on January 21, 2020 Rating: 5
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Stocks Stall while the Dollar Remains Bid

January 20, 2020
Overview: The new week is off to a quiet start as the US celebrates Martin Luther King's birthday, and investors look for a fresh focus. Hong Kong and Indian markets were suffered modest declines while most of the other large Asia Pacific markets edged higher. European stocks are trading a little lower, and the Dow Jones Stoxx 600 is threateni…
Stocks Stall while the Dollar Remains Bid Stocks Stall while the Dollar Remains Bid Reviewed by Marc Chandler on January 20, 2020 Rating: 5
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The Charts: China Allows CNY to Rise Against the Dollar as the Greenback Advances Against Almost Everyone Else The Charts: China Allows CNY to Rise Against the Dollar as the Greenback Advances Against Almost Everyone Else Reviewed by Marc Chandler on January 19, 2020 Rating: 5
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