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Markets Pause Ahead of the Weekend

June 21, 2019
Overview: The global capital markets are trading quietly ahead of the weekend.  Equity markets are mostly narrowly mixed.  Chinese shares extended their run, and the major benchmarks were up 4%+ on the week. Japan, Australia, South Korea, and India saw gains pared.  European equities were edging higher, and the Dow Jones Stoxx 600 is holding on to…
Markets Pause Ahead of the Weekend Markets Pause Ahead of the Weekend Reviewed by Marc Chandler on June 21, 2019 Rating: 5
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Doves Rule the Roost Except in Oslo

June 20, 2019
Overview:  The prospect of "lower for longer" continues to fuel the bond and stock rally.  The initial US equity response to the Fed was positive but not strong and closed about 0.3% higher.  Asia Pacific equities followed suit with mostly modest gains, except for China and Hong Kong, where gains of more than 1% were recorded.  Hong Kong…
Doves Rule the Roost Except in Oslo Doves Rule the Roost Except in Oslo Reviewed by Marc Chandler on June 20, 2019 Rating: 5
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Still Patient?

June 19, 2019
Overview:  Risk-taking was bolstered by the dramatic shift in Draghi's rhetoric less than two weeks after the ECB meeting and a Trump's tweet announcing that there was going to be an  "extended" meeting between him and Xi at the G20 meeting and that the respective staff would begin coordinating.  It was later confirmed by the Chi…
Still Patient? Still Patient? Reviewed by Marc Chandler on June 19, 2019 Rating: 5
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The Yuan and Tariffs

June 18, 2019
Consensus thinking sees two levers.  One is the US tariff, and the other is the weakness of the Chinese yuan. They talk as if China may be depreciating the yuan, or tolerating a weaker yuan to offset the tariffs.  This feeds the fear that China can escape from US pressure and supports those favoring an aggressive confrontation with China.   The v…
The Yuan and Tariffs The Yuan and Tariffs Reviewed by Marc Chandler on June 18, 2019 Rating: 5
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Draghi Ends Calm Ahead of FOMC, Sending the Euro and Yields Down

June 18, 2019
Overview: ECB President Draghi underscoring the likely need for more stimulus broke the subdued tone as market participants took a "wait and see" stance ahead of tomorrow's FOMC decision.  Draghi's comments sent the euro through $1.12 for the first time in two weeks and drove European bonds yields to new lows.  Asian equity marke…
Draghi Ends Calm Ahead of FOMC, Sending the Euro and Yields Down Draghi Ends Calm Ahead of FOMC, Sending the Euro and Yields Down Reviewed by Marc Chandler on June 18, 2019 Rating: 5
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