Daily Comment

Daily Comment (August 30, 2019)

by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] It’s the last business day of “cultural summer” (the autumn equinox doesn’t occur until September 23), but the summer season generally ends with Labor Day.  Trade optimism continues to buoy equities.  There are elections in Germany over the weekend.  Hurricane Dorian is… Read More »

Daily Comment (August 29, 2019)

by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] Risk-on has returned on trade optimism.  Italy has a government.  Brexit thoughts.  Fifty-year T-bonds?  Here are the details and other items we are watching: China: Equity futures rebounded after China indicated that it would not retaliate against the latest U.S. tariff increases. … Read More »

Daily Comment (August 28, 2019)

by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] It’s midweek; halfway to Labor Day weekend!  Boris moves against Parliament, Parliament moves against Boris and we are reacting to the Bill Dudley op-ed. Here are the details and other items we are watching: Brexit:  For the first time since 1948, PM… Read More »

Daily Comment (August 27, 2019)

by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] Good morning!  After several days of stomach-turning gyrations, things are rather quiet this morning.   Here is what we are watching: Italy:  Today is the deadline day for the center-left and populist-left to try to cobble together a coalition.  The news is mixed. … Read More »

Daily Comment (August 26, 2019)

by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] It’s Monday in late August, the last one of summer.  Global equity markets moved full circle overnight.  Here is what we are watching: The trade war:  We were in the midst of writing Friday’s comment when China announced its retaliation against the… Read More »

Daily Comment (August 23, 2019)

by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] Happy Friday!  It’s quiet this morning in front of Chair Powell’s presentation.  Here is what we are watching: BREAKING: China to levy tariffs on another $75 bn of U.S. exports.  Bonds and gold rally, while equities, oil and copper decline.  Oil, soybeans… Read More »

Daily Comment (August 22, 2019)

by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] We cover the Fed minutes below!  The G-7 summit is this weekend.  Tensions between Japan and South Korea are rising.  Quietly, overnight, the CNY fell to an 11-year low.  Here is what we are watching: The Fed minutes: There were three points… Read More »

Daily Comment (August 21, 2019)

by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] It’s Fed minutes day!  Equities are higher this morning, in what we are dubbing the “Seinfeld rally” because it seems to be driven by…nothing!  Although there was news overnight (which we discuss below), none of it reasonably explains the rally we are… Read More »

Daily Comment (August 20, 2019)

by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] Markets are mostly quiet this morning, more typical of late August.  Here is what we are watching: G-7 Summit: Japanese government sources say the Group of Seven (G-7) summit this weekend in France will probably not adopt a joint communiqué because of… Read More »

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