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Poor EMU PMI Compounds ECB's Challenge

January 24, 2019
Overview:  The eurozone's preliminary composite PMI for January fell to its lowest level since July 2013.  It reinforces expectations for a dovish Draghi press conference and saw the euro unwind yesterday's gains.  The US dollar is firmer against all the major currencies.  Asian stocks gained, and the MSCI Asia Pacific Index snapped a two-…
Poor EMU PMI Compounds ECB's Challenge Poor EMU PMI Compounds ECB's Challenge Reviewed by Marc Chandler on January 24, 2019 Rating: 5
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Summary of Fox Biz Talk

January 23, 2019
I had a brief talk on the set with of Fox Business with Varney & Co today, but there is no video available.
We began by talking about stocks.  For several weeks, I have been suggesting to viewers that the S&P 500 could recover to 2700.  Last Friday, the S&P 500 gapped higher and reached 2675.  I did not like the gap and thought it woul…
Summary of Fox Biz Talk Summary of Fox Biz Talk Reviewed by Marc Chandler on January 23, 2019 Rating: 5
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Markets Walk Tightrope after Yesterday's US Equity Drop

January 23, 2019
Overview:  Global equities have fared better than the 1.4% slide in the S&P 500 yesterday may have implied.  Asian markets were mixed, with China, Korea, Hong Kong, Thailand advancing.  The Dow Jones Stoxx 600 from Europe is a little changed after falling for the past two sessions.  News after the US close yesterday included better IBM outlook…
Markets Walk Tightrope after Yesterday's US Equity Drop Markets Walk Tightrope after Yesterday's US Equity Drop Reviewed by Marc Chandler on January 23, 2019 Rating: 5
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ECB Preview: Worries Increase but Not Quite Ready to Act

January 22, 2019
The ECB meets Thursday, and it may be best conceived as a transition meeting. It will lay the rhetorical groundwork for two things:   a likely downgrade to the staff's growth forecasts and moving toward a new round of long-term loans (targeted long-term refinance operations).  
Draghi's speech last week to the European Parliament anticipa…
ECB Preview: Worries Increase but Not Quite Ready to Act ECB Preview: Worries Increase but Not Quite Ready to Act Reviewed by Marc Chandler on January 22, 2019 Rating: 5
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Dollar Consolidates and Equity Rally Stalls

January 22, 2019
Overview: The US dollar is firmer against most major and emerging market currencies.  The yen is a notable exception, and it is firmer, but well within recent ranges.  The dollar-bloc currencies and the Norwegian krona are the weakest of the majors as a setback in equities and oil reflects a diminished risk appetite.  The IMF revised down its glob…
Dollar Consolidates and Equity Rally Stalls Dollar Consolidates and Equity Rally Stalls Reviewed by Marc Chandler on January 22, 2019 Rating: 5
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Chinese Data and UK Brexit Start New Week

January 21, 2019
Overview: Mixed data from China and the anticipation of Prime Minister May's "Plan B" are the main talking points, while US stock and bond markets are closed today.  Asia Pacific equities were higher, while European markets have failed to follow suit.  Benchmark 10-year bond yields are mostly softer, with the on-the-run Japanese Gove…
Chinese Data and UK Brexit Start New Week Chinese Data and UK Brexit Start New Week Reviewed by Marc Chandler on January 21, 2019 Rating: 5
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Equities and the Greenback Recover While Rates Firm a Little

January 20, 2019
US disruptions are being minimized, and this is understood as dollar positive as it underscores the challenges elsewhere. One disruption is the partial government shutdown, which market participants are looking past, partly the direct economic impact is seen as modest and temporary. 
Another disruption is trade.  Here talks between the US and China…
Equities and the Greenback Recover While Rates Firm a Little Equities and the Greenback Recover While Rates Firm a Little Reviewed by Marc Chandler on January 20, 2019 Rating: 5
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