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“This is Groundhog Day”: Spanish Stocks Battered By Catalan Vote, Bitcoin Crashes

Spanish stocks and the euro fell, while Spanish government bond yields hit their highest levels in over a month after Catalan secessionists delivered an unexpected blow to the government of Spanish PM Rajoy by winning the Catalan regional election. Meanwhile across the Atlantic, U.S. equity futures and the dollar rose on the last trading session […]

Preview Of Tomorrow’s Jobs Report: Here’s What Wall Street Expects

What a difference a year makes: last December, just as the ECB was about to shock the market with the announcement of its first €20 billion QE tapering, macroeconomic data mattered, especially since the Fed’s tightening intertia appeared to truly be data-dependent, if only for a very short period of time. Fast forward one year, […]

European Stocks, US Futures Rise, Dollar Steady Ahead Of Powell Hearing, Tax Debate

US equity futures in the green ahead of critical Senate debate on US tax reform and a much anticipated testimony from Yellen replacement Jerome Powell for Fed’s current policy approach.  European stocks advance, led by oil and gas stocks after Shell fully restored its cash dividend and unveiled a bullish outlook. Asian shares slide despite […]

New Home Sales Smash Expectations: Spike To 10 Year Highs As Average Price Tops $400k For First Time

Following the bounce in exisitng home sales (albeit lower YoY), new home sales ripped back higher in October (up 6.2% vs expectations of a 6.1% drop) following a big downward revision of last month's manic spike. This is the highest print for new home sales since Nov 2007. The 6.2% surge is a six standard […]

Key Events In The Coming Week: Senate Tax Vote; Euro Inflation; GDP; OPEC, Fed Speakers

It’s a busy week as traders return from the long Thanksgiving holiday, with inflation releases in the Eurozone and Japan. We’ll also get the second estimate of US GDP, housing data and ISM manufacturing, UK monetary aggregates and PMIs in China. Finally, the Russia-OPEC meeting takes place in Vienna on November 30, while the Senate […]

Stocks Whipsawed As Europe, US Futures Rebound From China Selloff; Dollar Slides

The traditionally illiquid post-Thanksgiving week has started with a series of whipsaws across stocks and bonds, as European stocks turned positive after starting the day on the back foot, initially mirroring a slide in Chinese stocks and price action in U.S. equity futures as investors look to a possible – and absolutely critical – tax-plan […]

Pending Home Sales Plunge In September To Lowest Since Jan 2015

Following September's modest bounce in exisitng home sales, and explosion in new home sales (biggest jump in 25 years), today's pending home sales was a huge disappointment, blowing the bounce back narrative. Pending Home Sales tumbled 5.4% YoY to its lowest since Jan 2015… Take your pick – is the housing 'recovery' good, bad, or […]

Traders Paralyzed, Markets Flat Ahead Of Today’s Main Event: The ECB’s Taper Announcement

US equity futures and Asian shares are flat this morning with European shares treading water ahead of the ECB’s policy meeting in which it’s expected to announce a tapering to its €60bn in monthly QE. On this busiest day of Q3 earnings season, companies set to report earnings include Alphabet, Microsoft, Amazon and Intel, while […]

New Home Sales Explode In Storm-Soaked September – Biggest Jump In Over 25 Years

Following existing home sales modest bounce, new home sales in September exploded by 18.9% MoM – the biggest jump since January 1992. Against expectations of a 1.1% decline, new home sales soared 18.9% MoM in September – 9 standard deviations above expectations… And the biggest jump in 25 years…   To the highest SAAR since […]

Bond Yields Break Out Around The World As Japan’s Record Stock Rally Ends

S&P futures are fractionally in the red while traders await President Trump’s pick for Fed chair and more clues on the fate of tax reform; Asian stocks slide, European shares are little changed ahead of tomorrow’s ECB tapering announcement as US 10Y yields finally break out of their multi-month range below 2.40%…   … pushing […]

Key Events In The Coming Week: ECB Taper, Q3 GDP And Durables

The main even this week will be the ECB’s taper announcement on Thursday where consensus expects the ECB to announce a QE extension of €30bn per month for 9 month until Sep-18, with potential extension after. Net purchases between now and Dec-17 will continue at €60bn per month as planned. To cope with rate hike […]

Pending Home Sales Plunge; NAR Admits “The Housing Market Has Essentially Stalled”

After dismal drops in existing and new home sales, this morning's pending home sales data for August was a disaster, tumbling 2.6% MoM (3.1% YoY) to its lowest SAAR since January 2016. This is the second YoY decline in sales in a row, with SAAR tumbling to its lowest since Jan 2016…   Lawrence Yun, […]

Dollar Surges, Bonds Dump Ahead Of Trump Tax Plan

S&P futures are set for a higher open (+ 0.1%) despite the expected hit to the Dow from Nike which is down over 3% on unexpectedly poor revenue growth, as European stocks gain while Asian shares dropped. Like yesterday when the big story was the jump in the USD ahead of Yellen's (rather hawkish) speech, […]

Housing Horrors Continue: New Home Sales Tumble To Lowest Since 2016

Extending July's weakness (in new, existing, and pending home sales), August is off to a rough start with existing sales and now new home sales has collapsed (down 3.4% vs expectations of a 2.5% gain). July's big plunge in sales was revised slightly higher but this left August with a 560k SAAR sales rate – […]

Euro Tumbles Ahead Of Yellen, Macron Speeches As Stocks Shake Off Korean Crisis

S&P futures are flat after Monday’s drop in the S&P 500 where a rout in Apple weighed on tech companies and tensions with North Korea persist; Asian stocks are modestly lower while Europe has shaken off the Korean crisis and is in the green on the back of a sharp drop in the EURUSD which […]