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Equity Bounce Stalls while the Greenback Steadies at Lower Levels

January 10, 2019
Overview: Equities, bonds and the dollar are consolidating the moves seen earlier this week.  This means equities are trading heavy and bonds firmer.  The euro is paring gains that carried it to its best level (~$1.1570) since mid-October.  After stalling near JPY109 in the last two sessions, the greenback slumped to almost JPY107.75 before findin…
Equity Bounce Stalls while the Greenback Steadies at Lower Levels Equity Bounce Stalls while the Greenback Steadies at Lower Levels Reviewed by Marc Chandler on January 10, 2019 Rating: 5
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Keep Fitch's Warning in Perspective

January 09, 2019
The global head of Fitch's sovereign ratings warned that the continued US government shutdown could jeopardize the AAA-status the rating agency grants America.  It spurred little market reaction (and for good reason).  
First, the rating cut is not imminent, though some of the headlines suggest otherwise.  Fitch's McCormack though was clea…
Keep Fitch's Warning in Perspective Keep Fitch's Warning in Perspective Reviewed by Marc Chandler on January 09, 2019 Rating: 5
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Equities Continue Recovery, Greenback Remains Heavy

January 09, 2019
Overview:  Global equities have extended the New Year rally. The MSCI Asia Pacific Index advanced for the fifth consecutive session and the 10th in the past 11.  The Dow Jones Stoxx 600 in Europe is rising for the second consecutive session, something it has managed to do only one other time in the past month.  The S&P 500 is off to one of its…
Equities Continue Recovery, Greenback Remains Heavy Equities Continue Recovery, Greenback Remains Heavy Reviewed by Marc Chandler on January 09, 2019 Rating: 5
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Dollar Steadies, but Weakly for Turn-Around Tuesday

January 08, 2019
Overview:  The global capital markets remain calm after the surge in volatility seen over the last couple of weeks.  Asian equities were mixed, with the Japanese, Australian and Indian shares higher, but other large regional markets, like China, South Korea, and Taiwan lower.  European equities are firmer. Benchmark bond yields have edged higher. …
Dollar Steadies, but Weakly for Turn-Around Tuesday Dollar Steadies, but Weakly for Turn-Around Tuesday Reviewed by Marc Chandler on January 08, 2019 Rating: 5
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Recovery Falters in Europe

January 07, 2019
Overview:  The combination of robust US jobs and wage growth, more comforting words from Powell and a strong rally US stocks before the weekend helped lift Asian markets today and underpinned risk-taking appetites.  However, renewed protests in France (and Hungary) coupled with weak German factory orders have prevented European bourses from fully …
Recovery Falters in Europe Recovery Falters in Europe Reviewed by Marc Chandler on January 07, 2019 Rating: 5
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Greenback Looks Vulnerable

January 06, 2019
Fed Chair Powell struck a responsive chord for investors by indicating that officials can be patient and can respond to changing economic dynamics.  Powell, who had been previously praised for his straight-talking manner, was able to ease angst among investors without negating the Fed's assessment that the economy is strong enough to allow th…
Greenback Looks Vulnerable Greenback Looks Vulnerable Reviewed by Marc Chandler on January 06, 2019 Rating: 5
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For the Millionth Time, Markets Exaggerate

January 06, 2019
The S&P 500 fell more than 12% in a few weeks.  The 10-year Treasury yield fell nearly 40 bp.  There were cries that the sky was falling.  A recession is imminent, we are warned by prognosticators.  The Fed went ahead and raised interest rates on March 21, 2018, and the S&P 500 proceeded to gap lower the next day and continued to sell-off …
For the Millionth Time, Markets Exaggerate For the Millionth Time, Markets Exaggerate Reviewed by Marc Chandler on January 06, 2019 Rating: 5
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US Jobs Data Hold Recession Fears at Bay

January 04, 2019
The pessimists were dealt a blow with a US employment report that blew away expectations.  The US private sector created 301k jobs, and average hourly pay rose 0.4% for a 3.2% year-over-year pace.  Manufacturing added 32k jobs despite the poor ISM.  The unemployment rate rose to 3.9% from 3.7%, but even this bad news was offset by a rise in the pa…
US Jobs Data Hold Recession Fears at Bay US Jobs Data Hold Recession Fears at Bay Reviewed by Marc Chandler on January 04, 2019 Rating: 5
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Apple, China, Yen, and US Jobs: Welcome to 2019

January 03, 2019
The New Year is off to an auspicious start.  The Japanese yen, the third most actively traded currency behind the dollar and euro, got caught in a vortex of a retail short squeeze, algos, and who knows what else.  The US dollar plunged from around JPY109 to a slightly below JPY105 in a few minutes a little more than an hour after US markets close…
Apple, China, Yen, and US Jobs: Welcome to 2019 Apple, China, Yen, and US Jobs:  Welcome to 2019 Reviewed by Marc Chandler on January 03, 2019 Rating: 5
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