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Global Bond Rout Eases As Nervous Traders Watch For “Selling On The Tax News”, Catalan Vote

U.S. equity futures are little changed with the GOP Tax Plan now a done deal and no more daily “pricing in” of tax reform possible, as traders nerviously look to see if others will now be “selling the news”, a preview of which we got yesterday when US equity indexes closed red across the board […]


Fed Officials Push Radical Change In Monetary Policy As Powell Takes Over

Oh no…with the Federal Reserve in a state of flux as one Chairman prepares to step down and another (shock horror, who is not an economist) takes over, some of his colleagues who think they’ve found the “Holy Grail” of monetary policy are agitating for change. And, dare we say it, hoping it will raise […]


Futures Jump, Global Stocks Rebound From Longest Losing Streak Of The Year

After five consecutive daily losses on the MSCI world stock index and seven straight falls in Europe, there was finally a bounce, as investors returned to global equity markets in an optimistic mood on Thursday, sending US futures higher after several days of losses as global stocks rebounded following a Chinese commodity-driven rout.  The House […]


Philly Fed President Unconvincing As He “Lightly” Pencils In December Hike

Speaking in at a conference in Tokyo, the head of the Philly Fed, Patrick Harker said that he has penciled in a further rate hike by the Fed at its December meeting on 12-13 December 2017. However, his use of the word “lightly” suggested that there may be a degree of wavering on his part. […]


Key Events In The Coming Week: Taxes, Inflation, Yellen, Draghi, Kuroda And Brexit

This week’s economic calendar features several key data releases and Fedspeak. The main data release in US include: CPI inflation, retail sales, industrial production, housing data and monthly budget statement. We also get the latest GDP and CPI reading across the Euro Area; the employment report in the UK and AU, Japan GDP, China IP, […]


Global Markets Shaken By Sudden Equity Sell-Off: Hang Seng Crashes, VIX Surges

Has the market’s “melt-up” levitation finally ended? Of course, it could be much worse: as Bloomberg’s Paul Jarvis recalls, thirty years ago on this day traders around the globe were staring at their screens in disbelief as stock markets turned to a sea of red: the Dow, S&P 500, FTSE, DAX and CAC fell -23%, […]


Global Markets Shaken By Sudden Equity Sell-Off: Hong Kong Crashes, VIX Surges

Has the market’s “melt-up” levitation finally ended? Of course, it could be much worse: as Bloomberg’s Paul Jarvis recalls, thirty years ago on this day traders around the globe were staring at their screens in disbelief as stock markets turned to a sea of red: the Dow, S&P 500, FTSE, DAX and CAC fell -23%, […]


Key Events In The Coming Week: A Negative Payrolls Number And Non-stop Fed Speakers

While central banks step away from the spotlight, as does Asian data and markets with China and South Korea both taking a weeklong break, there will be a bevy of central bank speakers to “explain” what is going on while it will be a busy week data wise, with the US employment trade balance report […]


Meanwhile, Bitcoin Soars 40% From Post Dimon, China Lows

Whatever doesn’t kill bitcoin – and many have tried in the past month to do just that – has a habit of making it stronger, and two weeks after the cryptocurrency crashed 40% from an all time high of $5,000 to less than $3,000 when first China banned ICOs and exchange trading of cryptocurrencies, then […]


The Week’s Key Events: European Inflation, US CapEx And Non-Stop Fed Speakers

Beyond the plethora of central bank speakers, market focus will concentrate on Eurozone inflation and US data releases, including durable goods, home sales, and the personal income and spending report on Friday. We also get China PMIs, Japanese CPI and industrial production, the RBNZ meeting and Brexit negotiations (4th). Additionally, there will be monetary policy […]


Traders Yawn After Fed’s “Great Unwind”

One day after the much anticipated Fed announcement in which Yellen unveiled the “Great Unwinding” of a decade of aggressive stimulus, it has been a mostly quiet session as the Fed’s intentions had been widely telegraphed (besides the December rate hike which now appears assured), despite a spate of other central bank announcements, most notably […]


Key Events In The Coming Week: All Eyes On Fed Balance Sheet Announcement

This week attention will fall on US FOMC rate decision, BoJ policy rate announcement, German and NZ elections. Economic data releases include PMI in the Euro area, retail sales in the UK and existing home sales in US. In Emerging Markets, there are monetary policy meetings in South Africa, Indonesia, Hungary, Taiwan and Philippines. BofA […]


Global Stocks Storm To New Record High Ahead Of Historic Fed Announcement

Last week’s bullish sentiment that sent the S&P not only to a new all time highs, but a burst of last-second buying pushed above 2,500 for the first time ever, has carried through to the new week, with European and Asian shares rallying across the board, US futures again the green, and world stocks hitting […]


Crashing Dollar Sends European Stocks, US Futures Reeling; Yuan Has Best Week On Record

European stocks dropped, Asian and EM market rose, and S&P were lower by 0.3% as investors assessed the latest overnight carnage in the USD which plunged to the lowest level since the start of 2015, sending the USDJPY tumbling to 107, the euro extending gains to just shy of $1.21 and a slowdown in China’s […]


The Week’s Key Events: All Eyes On The ECB

With the US markets closed today, market events this week will be dominated by G10 central bank meetings, among which the ECB stands out, but also notable will be the RBA, BoC and Riksbank. Consensus does not expect policy changes yet. There is also a busy calendar for the UK (PMIs, housing, IP and trade […]