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Bank of America expects Congress to pass a continuing resolution and thus avoid a government shutdown on October 1.BoA say, though, that its a 'close call':situation remains fluidlikelihood of a shutdown, a brief one, is edging closer to 50%-This reminds me of that...
BusinessNZ Performance of Manufacturing Index (PMI) is mired well under its longer run average of 53.0.BusinessNZ’s Director, Advocacy Catherine Beard: “While the key sub-index components of New Orders (46.6) and Production (43.9) improved slightly from July, the...
The European Union is investigating China’s subsidies for electric vehicles that impact by lowering the price of such vehicles in the EU. China hit back within hours, it will extend anti-subsidy duties on potato starch imports from the European Union for the next five...
UBS say that the rate hike from the ECB is likely to be its last for the cycle. UBS analysts are not impressed with the European Central Bank, saying the Governing Council "is more focused on the present than the direction the economy is taking". ICYMI:MoneyMaker FX...
Info comes via Reuters. Citigroup is with the consensus forecasting no Fed Funds change at the September FOMC meeting, but to raise the rate in November by 25 bps. Citi had previously forecast a September hike but say recent inflation data has led it to expect a...
They've been busy little bees at the People's Bank of China.Justin had the news on two moves from the Bank:andOn the Reserve Requirement Ratio (RRR) cut, this is sort of encouraging news on the one hand and sort of concerning on the other hand. On the plus side ......
JP Morgan analysts with a note on mining stocks, Rio Tinto and others re iron ore are being viewed favourably.On China JPM have this to say:China steel demand has proven more resilient as infrastructure demand offsets poor property sector demand (both ~30% of China...
Markets:S&P 500 up 0.9%Gold up $3 to $1909US 10-year yields up 3.8 bps to 4.29%WTI crude oil up $1.96 to $90.48CAD leads, EUR lagsWe've been in the doldrums for awhile but the combination of a Chinese RRR cut, another round of strong US economic data and signals...
The data from China due today is expected to show some improvement. there have been plenty of indications that there are some green shoots poking through. Also, the latest Citi Economic Suprise Index re China is showing data is beating pessimistic estimates. Coming...
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,...
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,...
SPX dailyGood news is good news again.The S&P 500 is roaring today, up 43 points, or 1.0% to 4512. That's a one-week high and an impressive performance despite rising Treasury yields.It's getting tough to pin down exactly what this market is trading around. In...
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 retail salesIn a surprising twist, the US retail sales for August have left market expectations in the dust, showcasing a resilient consumer base keen to keep the summer spending vibe rolling. But CIBC hints that the party might not last long. Here’s what you need...
The 'sell the fact' mode continues in the euro. The surprise rate hike was priced in after the leak on Monday and now the sellers are arriving with ECB President Christine Lagarde strongly suggesting that the central bank is done hiking rates.A close below the 1.0635...
USDCAD falls to new session lowsThe USDCAD is trading to a new session alone in the process is testing a swing area between 1.3494 and 1.35039. Below that is the September 1 low at 1.34889. Get below those levels and traders will start to think about the 200 day...
EURUSD falls to a new session lowThe EURUSD is training to a new session low and in the process is moving away from the swing area between 1.06583 and 1.06669. The low price has just traded to 1.06445. The swing low from May 31 at 1.0635 is the next key target. Below...
Atlanta Fed GDPNow estimate for Q3 falls to 4.9% from 5.6%The Atlanta Fed estimate for 3Q growth fell to 4.9%. The last estimate on September 8 came in at 5.6%.In their own words:The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the...
Crude oil traded above $90 for the 1st time since NovemberCrude oil prices have risen by $1.33, marking a 1.5% increase, and are currently trading at $89.85. Today's peak reached $90.26, the first time it surpassed $90 since November 8, before retracting slightly. A...
AI imageCanadian Prime Minister Justin Trudeau is watching his popularity plummet.The country is two years away from an election unless his coalition partners in the NDP want to pull the plug but waiting isn't likely to do him any good. The nation has completely...