SPX daily chartThere was no lack of drama in the final day of equity trading in what was a wild ride in August. The S&P 500 opened strongly and then gave it all back to trade in negative territory at midday. However some steady bids emerged in the afternoon before...
US dollar specs turn short for the first time since February
The main driver of US dollar strength over the past number of years was 'US exceptionalism'. That's meant stronger growth and higher US interest rates.The stronger growth narrative is still in place -- even if it requires a deficit at 7% of GDP -- but Fed Chairman...
Goldman Sachs workers face the annual cull
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Oil finishes the week sharply lower as the OPEC rumour mill begins
WTI weeklyWTI crude posted an ugly finish to the week, falling $2.33 to $73.57 on Friday. Oil rallied strongly to start the week and was still holding in positive territory early today but slumped when Reuters, citing sources, reported that OPEC still plans to start...
A look back at the past four Septembers
We've been in a raging four-year bull market in most things since the pandemic but one month missed the memo: September.Here I highlight the S&P 500 over the past four Septembers, all negative months. Of the 52 months since April 2020, just 17 of them have been...
US weekly Baker Hughes oil rig count unchanged at 483
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David Rosenberg sees a sharp fall in USD/JPY ahead
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,...
Dallas Fed trimmed mean PCE price index for July 1.7% versus 1.8% in June
12 month trimmed mean 2.7% vs 2.8% priorLooking through the data here are some notable changes:Eggs: Massive increase of 90.9% (annualized 1-month change)Window coverings: Large decrease of -27.3%Used autos: Significant decrease of -25.2%Jewelry: Notable decrease of...
Canadian GDP beat for all the wrong reasons. The market sees a chance of 50 bps next week
On the face of it, the Q2 Canadian GDP report looked good today at 2.1% annualized compared to 1.6% expected. It also handily beat the Bank of Canada's forecast of 1.5%.The problem is that the composition of growth was in all the wrong places. Consumer spending rose...
European close: The fourth week of gains comes with record highs
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Choppy trading in the countdown to month end
We saw some US dollar demand into the London fix all week and that was a preview of today's flows, as the dollar accelerated into the final fix of the month.USD/JPY touched a session high up 76 pips to 145.74, while the Australian dollar also fell to a session low at...
ECB’s Villeroy: It would be fair and wise to cut rates in Sept
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US August UMich final consumer sentiment 67.9 vs 68.0 expected
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Tech and consumer cyclical sectors lead today’s stock market gains
Stock heatmap by FinViz.com Fri, 30 Aug 2024 13:46:11 GMTOverview of Market SectorsToday's stock market heatmap reveals a broad spectrum of performances across various sectors, with the tech and consumer cyclical sectors taking the spotlight through impressive gains....
OPEC+ is likely to proceed with a planned gradual production increase from Oct — report
WTI crude oil dailyThere has been some talk that the planned OPEC+ barrel return would be pushed back but it's still coming, according to a report from Reuters that cites six sources.I'm not terribly surprised by the messaging. US oil companies set budgets in Sept/Oct...
US markets set to open higher today
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OPEC+ likely to proceed with planned output hike from October
OPEC+ is set to proceed with a planned oil output hike from October, as Libyan outages and pledged cuts by some members to compensate for overproduction counter the impact of sluggish demand, six sources from the producer group told Reuters. Eight OPEC+ members are...
US dollar pops as we count down to month end
The US dollar jumped in the aftermath of the PCE report, though I'm not sure that correlation equals causation. The PCE report was a touch low, highlighting the downtrend in inflation. That should have weighed on the dollar and did initially, albeit slightly.A short...
US July core PCE +2.6% y/y vs +2.7% expected
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Canada June GDP +0.0% vs +0.1% expected
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