Markets:Gold down $3 to $2342US 10-year yields up 9.8 bps to 4.39%WTI crude down 19-cents to $80.64S&P 500 down 0.4%AUD leads, JPY lagsFriday was the final day of the quarter and that made drawing conclusions tough. It was especially difficult because the US...
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At the close: S&P 500 reverses lower after touching a fresh record high
SPX dailyClosing changes:S&P 500 down 0.4%Nasdaq down 0.7%Russell 2000 +0.1%DJIA -0.1%Toronto TSX Comp -0.5%The S&P 500 closed the half-year up a tidy 14% but today's reversal from an all-time high is somewhat ominous. However against that backdrop note that...
July seasonals: The S&P 500 has rallied in July for eight straight years
When I look at the July seasonals, there isn't much in the FX market. The patterns are minor and the moves small as the summer complacency sets in.One thing stands out though: US equities.The S&P 500 has climbed for eight straight years in July with an average...
Joe Biden says he isn’t going anywhere
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MUFG: EUR/USD outlook amid French elections and June NFP print
EURUSD monthlyMUFG discusses the potential impact of the French elections and the June NFP print on EUR/USD. The focus is on the risk premium already priced into EUR/USD and how the election results could influence further movements.Key Points:Current...
Few people realize how much disruption is coming from AI
The future isn't a mystery.Generative AI is coming for almost everything. Why? Machines will soon be able to see and hear in real time and interact with the world. That will unlock robotics. That's why Elon Musk is pivoting Tesla to a robotics company. He sees the...
Dallas Fed May PCE price index +1.4% m/m annualized vs +2.7% prior
The Dallas and Cleveland PCE remix data illustrates why Fed officials and markets are feeling better about the pricing picture.One month annualized trimmed mean 1.4% vs 2.7% prior (lowest this year)Six month annualized 3.0% vs 3.1% prior12-month 2.8% vs 2.9%...
Exepct the first tropical storm of the Atlantic season on the weekend
The US National Hurricane Center now sees a 100% chance of a tropical depression forming in the next 48 horus in the central Atlantic.Three storms are in the mix with one expect to cross the Yucatan peninsula on the weekend. The others should head in a westerly...
Baker Hughes US oil right count falls to the lowest since December 2021
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This year the S&P 500 has had 32 all-time highs. Why that matters
The S&P 500 touched a fresh all-time high today at 5523 (and counting). That marks the 32nd day with the index hitting a record high in the first half of the year.Today, Deutsche Bank compares the number of ATHs this year compared to historical norms. In short,...
Fed’s Bowman: We have strong employment but haven’t quite reached our inflation goal
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US oil production rose 72K bpd in April
The EIA is out with its month report today, which is much more accurate than the weekly data. This is for April and it showed a 72,000 barrel per day increase to 13.248 million barrels per day, which is the highest since December.There has clearly been a stall in...
US equities give back all today’s gains as the quarter winds down
The S&P 500 has given back an early 40-point gain to a record 5523 and is now trading flat on the day at 5484.SPX dailyOnce again, I think bitcoin was the tell here as it sagged before stocks. It's since stabiliize though, down around 1%.I have a real hard time...
Cleveland Fed median PCE inflation +0.2% m/m vs +0.3% prior
Median inflation +3.3% y/y vs +3.3% priorIf you don't know what it is, median PCE inflation is the one-month inflation rate of the component whose expenditure weight is in the 50th percentile of price changes.According to the Cleveland Fed:By omitting outliers (small...
European equity close: French stocks slump ahead of Sunday’s vote
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There are all kinds of political rumors on Biden but it will be an interesting weekend
The US political landscape could look far different when markets re-open on Monday.There are all kinds of rumors and reporting after Biden's disastrous debate performance. The main ones indicate that Biden and his team plan to continue but I don't really see those as...
Macron’s camp trails far behind in the latest French poll
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The market is pricing in a Republican sweep
CNBC reported early today: Not only does Biden not plan to drop out, Biden remains committed to a second debate in September, citing an advisor. Other reports say that there is no pressure coming from his cabinet to resign.To be clear, the decision is his alone and to...
UMich June final consumer sentiment 68.2 vs 65.6 prelim
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