Daily Comment
Daily Comment (April 20, 2016)
by Bill O’Grady and Kaisa Stucke [Posted: 9:30 AM EDT] Chinese risk markets traded lower overnight as Chinese officials indicated that the People’s Bank of China (PBOC) is likely to reduce stimulus over the coming year due to improving economic data. While the PBOC has not released an official statement, at least two government sources have… Read More »
Daily Comment (April 19, 2016)
by Bill O’Grady and Kaisa Stucke [Posted: 9:30 AM EDT] Crude prices rebounded yesterday and are up again overnight. Kuwait announced its plans to expand production back to normal levels despite the worker strike over public sector pay. Kuwaiti officials indicated that some workers have returned to their positions and that the current inventory levels of… Read More »
Daily Comment (April 18, 2016)
by Bill O’Grady and Kaisa Stucke [Posted: 9:30 AM EDT] It was a news-heavy weekend with numerous major stories and cross currents. Let’s dive in: Doha was an epic bust: Expectations for the oil producers meeting were rather low going in. Freezing already high production levels wasn’t going to lower the current supply overhang. Nevertheless, the… Read More »
Daily Comment (April 15, 2016)
by Bill O’Grady and Kaisa Stucke [Posted: 9:30 AM EDT] It’s shaping up to be a very busy weekend. In Brazil, the Chamber of Deputies will vote over the next couple of days to decide if the legislature should begin impeachment proceedings. As we noted earlier this week, Brazilian financial markets have rallied on expectations that… Read More »
Daily Comment (April 14, 2016)
by Bill O’Grady and Kaisa Stucke [Posted: 9:30 AM EDT] Oil prices are modestly higher after a small decline yesterday due to a higher than forecast weekly oil inventory report, which we cover below. Prices were down until IEA headlines emerged indicating that the OECD’s oil monitoring body is expecting the oil market to balance later… Read More »
Daily Comment (April 13, 2016)
by Bill O’Grady and Kaisa Stucke [Posted: 9:30 AM EDT] Financial markets are stronger this morning on better than expected trade data out of China. March exports rose 11.5% from last year. Last month the same measure fell 25.4%. However, the data does fluctuate due to the variance in dates of when the Chinese New Year… Read More »
Daily Comment (April 12, 2016)
by Bill O’Grady and Kaisa Stucke [Posted: 9:30 AM EDT] BREAKING: IMF CUTS 2016 GLOBAL GROWTH FORECAST TO 3.2% FROM 3.4%. President Rousseff of Brazil came another step closer to impeachment yesterday as a congressional impeachment committee voted to recommend a Senate trial. The next step is a vote by the full Chamber of Deputies on… Read More »
Daily Comment (April 11, 2016)
by Bill O’Grady and Kaisa Stucke [Posted: 9:30 AM EDT] German 10-year sovereign yields are down to 11 bps this morning. Falling German yields are translating into low U.S. Treasury yields. (Source: Bloomberg) Since mid-2013, when Chairman Bernanke unveiled tapering, the two yields have been closely linked. Interestingly enough, the spread between these rates has been… Read More »
Daily Comment (April 8, 2016)
by Bill O’Grady and Kaisa Stucke [Posted: 9:30 AM EDT] The WTO released its global trade data for 2015 yesterday along with its forecasts for this year and next. The sum of imports and exports rose 2.8% last year and is expected to rise at the same pace this year, rising to 3.6% in 2017. The… Read More »