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Happy Thursday.As usual, that means it's initial jobless claims day. There have been several points in the past two years where it looked like claims were going to break higher but they've repeatedly been reeled back in. Last week's fall helped to kick off another leg...
The strongest to weakest of the major currenciesThe AUD is the strongest and the USD is the weakest as the NA session begins. ANZ business confidence increased to 1.5 from -3.7 last month. That helped to kickstart the NZDUSD to the upside and the AUD followed. The USD...
It looks like the more hawkish than expected FOMC Dot Plot last week was kind of a wakeup call for the market as it’s been selling off with almost no pullback ever since. The resilience in the economy is keeping the Fed on the hawkish camp as it wants to see more...
Prior +6.1%CPI +0.3% vs +0.3% m/m expectedPrior +0.3%HICP +4.3% vs +4.5% y/y expectedPrior +6.4%HICP +0.2% vs +0.3% m/m expectedPrior +0.4%The ECB can take some comfort from the headline reading as it falls back below the 5% mark, and that also goes for core annual...
Headlines:Markets:AUD leads, USD lags on the dayEuropean equities mixed; S&P 500 futures down 0.1%US 10-year yields up 3.7 bps to 4.647%Gold flat at $1,875.15WTI crude down 0.4% to $93.28Bitcoin up 0.8% to $26,446The two main outperformers this week are the...
Equities had that familiar sinking feeling just about an hour ago but have found some relief right after this post here. It's still a heavy-looking week all things considered and I wouldn't count out another wave of selling later in US trading, especially if bonds...
Taxes will be exempt for urban land used for the construction of affordable housing projects and stamp duty will also be waived for management firms and buyers of said projects, all starting from 1 October. Adding to that, there will be a reduced deed tax of 1% to be...
It looks like the more hawkish than expected FOMC Dot Plot last week was kind of a wakeup call for the market as it’s been selling off with almost no pullback ever since. The resilience in the economy is keeping the Fed on the hawkish camp as it wants to see more...
S&P 500 futures are now down 0.2% after having kept relatively steadier earlier in the session as higher bond yields are biting at stocks once again now. 10-year Treasury yields are seen up to 4.64% and that is starting to weigh on equities sentiment once again...
The greenback is down slightly on the day but I wouldn't really read too much into it, at least for now. EUR/USD is up 0.15% to 1.0515 while GBP/USD is up 0.35% to 1.2175 on the day. In comparison to the moves this week, the changes today don't mean anything much. Not...
This just confirms that German annual inflation is set to ease in September, with the estimated reading being 4.6% - down from 6.1% in August. That said, the monthly reading is expected to show a rise in consumer prices with the Saxony reading also seen up 0.3% on the...
It looks like the more hawkish than expected FOMC Dot Plot last week was kind of a wakeup call for the market as it’s been selling off with almost no pullback ever since. The resilience in the economy is keeping the Fed on the hawkish camp as it wants to see more...
The institutes (4 German, 1 Austrian) had previously expected a growth of 0.3% in the German economy during the spring. So, this is a significant revision lower as they expect higher interest rates and high inflation to weigh on consumption activity.2023 GDP growth is...
The other state readings released at around the same time:Hesse CPI +4.7% y/yPrior +6.0%Brandenburg CPI +5.6% y/yPrior +7.1%This fits with the earlier reading from NRW, which reaffirms that we are to see a notable drop in annual inflation in Germany this month. That...
Stock markets sold off across Asia, with Nikkei and Hang Seng underperforming. China jitters and the sharp rise in oil prices are weighing on sentiment. USOIL lifted above USD 94 per barrel, stoking inflation concerns and fueling speculation of additional rate hikes,...
Eurostoxx +0.1%Germany DAX +0.1%France CAC 40 +0.3%UK FTSE -0.1%Spain IBEX +0.4%Italy FTSE MIB +0.3%That seems to be the theme so far this week, as the bond selling tends to hit later in US trading. For now, 10-year Treasury yields are still keeping at the highs...
US:The Fed left interest rates unchanged as expected.The macroeconomic projections were revised higher as the economy showed much stronger resilience than expected and the Dot Plot showed that the majority of members still expects another rate hike by the end of the...
Prior +2.6%HICP +3.2% vs +3.3% y/y expectedPrior +2.4%The readings here serve as another reminder that inflation pressures may prove to be much stickier than anticipated. But the good news at least is that core annual inflation is seen easing slightly further to 5.8%...
Things are looking calmer once again in European morning trade but when we get to US trading, that's when things start to really heat up. The selling in bonds especially has been coming about once Wall Street steps into the fray so far this week:US Treasury 10-year...
Despite the surging real yields and US Dollar in the past few months, Gold continued to show remarkable resilience decoupling from the usual correlations. This week though, Gold capitulated, and has been falling everyday with stronger and stronger intensity. The last...