SPX dailyChipmakers and China are weighing on US equity markets.The main catalyst for the selloff was a soft guide from ASML in results that were accidentally released early. Shares of the company are down 17% and have led to 5% declines in Nvidia and AMD among other...
WTI crude oil falls 4% on signs Israel won’t strike Iran’s oil
Oil dailyVarious reports suggest that Israel won't strike Iran's oil infrastructure in retaliation for recent strikes. The latest report cited officials from the Biden administration, speaking anonymously to the Associated Press, was said that Israel has pledged not...
What’s going on with oil prices?
October began strong for the oil market, with WTI crude prices rising 16% in the first week to $78, above the VWAP and indicating an uptrend. Some feared prices could hit $100, raising worries about inflation.Several factors led to this change in sentiment after...
CIBC now sees the Bank of Canada cutting rates by 50 basis points
USDCAD dailyThe Canadian dollar is on track for a tenth day of declines today and the selling was helped out by CPI at 1.6% y/y compared to 1.8% expected.The market was evenly split on the question of 25 bps vs 50 bps ahead of the data but the probabilities now sit at...
ASML shares crushed after accidentally posting earnings early
ASML shares dailyThe big turn in tech shares today was largely due to a disappointing guide from Dutch fab-builder ASML. The company accidentally posted results early due to a technical glitch and shares have fallen 17%.ASML said it expects net sales for 2025 to come...
Fed’s Daly: Still sees room to run the Fed’s balance sheet down further
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives,...
Trump says he would be a better Fed chairman than Powell
Trump, asked if he would replace Powell, didn't offer a hint and instead responded: "I think I'm better than he would be. I think I'm better than most people in that position." On changing rates, he did concede that he couldn't dictate them: "I don't think I should be...
Trump: The most-beautiful word in the dictionary is “tariff”
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives,...
US holiday sales are expected to grow at slowest pace in six years
Christmas shopping will start soon after Halloween in the US and the National Retail Federation isn't overly optimistic.Their latest forecast is for a nominal 2.5-3.5% rise in spending, the slowest pace in six years. They see sales between $979.5 billion and $989...
Canadian Real Estate Association downgrades 2024 forecast
TorontoCREA now expects 468,900 properties to change hands in 2024 That's up 5.2% from 2023But down from July forecast of 6.1% increaseand way down from April forecast of 10.5% increaseAverage home price forecast for 2024: Now expecting 0.9% annual increase to...
Fed’s Daly: If forecast met, she sees one or two rate cuts this year
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives,...
More from Daly: Fed funds rate is a long way from where it’s likely to settle
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives,...
European equity close: DAX touches a record then gives it back
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives,...
Fed’s Daly: Risks to our jobs and inflation mandate now more balanced
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives,...
Fed’s Daly set to speak next
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives,...
NY Fed survey: Credit delinquency expectations rise to highest since April 2020
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives,...
BofA CEO sees ‘solid’ demand from clients
Bank of America CEO Brian Moynihan was on CNBC talking about his bank and the economy. He warned the external shocks could hit the US economy but said that overall demand from clients was 'solid'. He initially started to say 'strong' then corrected himself.He outlined...
US markets turn lower as NVDA shares fall 5%
Profit-taking is hitting the broader US equity market with the S&P 500 down 21 points or 0.3% following yesterday's record high. The signal to sell may have been triggered by Nvidia shares. The company failed to break the June record yesterday and is down more...
Where do global equity market valuations stand relative to history
I stumbled across this Goldman Sachs chart that highlights global equity valuations. Most of the world is in the middle of the range but US stocks are above the top of the 90th percentile. I'm glad they stripped out mega-cap tech as well because it highlights that...
Breakout? Bitcoin rises to the highest since July
Bitcoin daily chartBitcoin is showing fresh signs of life as it climbs $1600 to $67,500. That's the best since late-July and breaks a pair of highs in August and September, indicating some growing optimism about crypto and improving risk appetite (the S&P 500 is...