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Stocks Finishing on Poor Note, while the Dollar and Bonds Firm

January 31, 2020
Overview: It was as if the World Health Organization's recognition of that the new coronavirus is an international health emergency was the catalyst that the markets needed. US equities recovered smartly and managed to close higher on the session. However, the coattails were short, and follow-through buying of US shares fizzled. In the Asia Pa…
Stocks Finishing on Poor Note, while the Dollar and Bonds Firm Stocks Finishing on Poor Note, while the Dollar and Bonds Firm Reviewed by Marc Chandler on January 31, 2020 Rating: 5
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Contagion Impact not Peaked, Weighs on Risk Appetites

January 30, 2020
Overview: The ongoing concerns about the geometric progression of the new coronavirus continues to swamp other considerations for investors. Risk continues to be unwound, as the World Health Organization meets to decide if this is indeed a global health emergency. Several large equity markets in Asia were hit particularly hard. Taiwan re-opened fr…
Contagion Impact not Peaked, Weighs on Risk Appetites Contagion Impact not Peaked, Weighs on Risk Appetites Reviewed by Marc Chandler on January 30, 2020 Rating: 5
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Escaped from a Crocodile’s Mouth, Entered a Tiger’s Mouth

January 29, 2020
Overview: This colorful Malay saying captures the spirit of the animal spirits. Narrowly escaping an escalation of a trade war between the world's two largest economies, the outbreak of a deadly virus has spurred moves, especially the sell-off in stocks and rally in bonds, for which many investors seemed ill-prepared. Even though the virus con…
Escaped from a Crocodile’s Mouth, Entered a Tiger’s Mouth Escaped from a Crocodile’s Mouth, Entered a Tiger’s Mouth Reviewed by Marc Chandler on January 29, 2020 Rating: 5
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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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