Daily Comment

Daily Comment (July 17, 2018)

by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Tonight’s midsummer classic, the All-Star Game, is really the official midpoint of summer.  Markets are quiet this morning.  Here is what we are watching: Did the president go too far?  Criticism of President Trump’s performance at the press conference with Russian President Vladimir Putin was widespread. … Read More »

Daily Comment (July 16, 2018)

by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Happy Monday!  The media is focused on the Trump/Putin meetings in Helsinki but financial markets are mostly ignoring the spectacle.  The biggest major market move is in oil, which we discuss below.  Here is what we are watching this morning: China GDP: China’s Q2 GDP[1] rose… Read More »

Daily Comment (July 13, 2018)

by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Equity markets are mixed this morning as investors balance expectations of stronger earnings and rising trade tensions.  The British pound fell due to political uncertainty and the dollar has strengthened against global currencies.  Below are the news stories we are following today: No U.K.-U.S. trade deal?… Read More »

Daily Comment (July 12, 2018)

by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Equity markets have rebounded following signs that the U.S. and China will likely resume trade negotiations.  Oil prices have also stabilized following the bullish EIA report—yesterday oil prices fell 7% following reports that Libya would resume shipments.  Below are the stories we are following today: NATO… Read More »

Daily Comment (July 11, 2018)

by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Equity markets are lower due to concerns of global trade tensions. Below are the issues that we are paying close attention to today: NATO summit: In the opening hours of the NATO summit, President Trump sparked controversy by criticizing Germany’s relationship with Russia and its unwillingness… Read More »

Daily Comment (July 10, 2018)

by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Leadership challenge in the U.K.? Yesterday’s resignations of both Boris Johnson and David Davis have raised concerns of a possible Tory leadership challenge against U.K. Prime Minister Theresa May. Tory Eurosceptics have criticized PM May’s handling of Brexit negotiations for not doing enough to cut… Read More »

Daily Comment (July 9, 2018)

by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Happy Monday!  It looks like a risk-on day so far, with Treasury prices lower and equities higher.  The dollar is a bit soft which has lifted metals prices.  The lack of comment from the White House about trade appears to be helping equity markets.  Here is… Read More »

Daily Comment (July 6, 2018)

by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] It’s employment day!  We cover the data in detail below but the quick read is bullish.  The key data point was a huge jump in the labor force, which increased 601k after falling 382k over the past three months.  Thus, even with a rise in payrolls,… Read More »

Daily Comment (July 5, 2018)

by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Welcome back!  Here is what we are watching this morning: On trade, it’s good news and bad news:  The good news first…German automakers met with Richard Grenell, the U.S. Ambassador to Germany, and reaffirmed their support for zero tariffs on EU/U.S. auto trade.[1]  The German automakers… Read More »

Daily Comment (July 3, 2018)

by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] From all of us at Confluence Investment Management, have a safe and happy Independence Day! The “dog days” of summer officially begin today.[1]  It looks like a risk-on day so far.  U.S. financial markets close early for the mid-week Independence Day holiday.  Equity markets close at… Read More »

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