Daily Comment
Daily Comment (March 4, 2019)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Equities are moving higher this morning on hopes of a U.S./China trade deal. China’s National Party Congress begins on Wednesday and the ECB meets on Thursday. Here is what we are watching this morning: Chinese trade: It appears the U.S. and China are nearing a… Read More »
Daily Comment (March 1, 2019)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] It’s a risk-on Friday with little news to account for the strength. World PMIs (see below) remain rather soft, although several (including China) came in above depressed expectations. Here is what we are watching this morning: MSCI lifts China: The index provider MSCI has boosted… Read More »
Daily Comment (February 28, 2019)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] The U.S./North Korea summit ended abruptly as the leaders reached an impasse. We are seeing some modest flight to safety market action. Here is what we are watching this morning: The summit abruptly ends: The two sides reached an impasse. North Korea was willing to… Read More »
Daily Comment (February 27, 2019)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] There is an escalation between India and Pakistan, and a summit in Hanoi. Futures markets suffered a technical glitch and stopped trading for several hours overnight.[1] Here is what we are watching this morning: India v. Pakistan: There has been an escalation of tensions between… Read More »
Daily Comment (February 26, 2019)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Equities are taking a breather this morning in a news heavy environment. Here is what we are watching this morning: Brexit: The drama continues. PM May met with her cabinet this morning and will support a vote on delaying Brexit past the March 29 deadline[1] and… Read More »
Daily Comment (February 25, 2019)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] It’s a risk-on day with China’s equities on a tear. Here is what we are watching this morning: It’s official—tariffs are delayed: Although anyone paying attention would not be surprised by this outcome, President Trump confirmed that the next round of tariffs on China will be… Read More »
Daily Comment (February 22, 2019)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] It’s a modest risk on day today in front of “mega Fed”—seven FOMC members will talk today.[1] Here is what we are watching this morning: Fed minutes follow-up: Yesterday, we noted two quotes lifted from the Fed minutes. …several of the participants argued that rate increases… Read More »
Daily Comment (February 21, 2019)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] U.S. equity futures are steady this morning in quiet trading. There is some optimism, however, on the China/U.S. trade talks and on the Fed’s balance sheet. European and Japanese PMIs were disappointing, suggesting weaker global growth, and the Philly Fed was very weak (see below). Here… Read More »
Daily Comment (February 20, 2019)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] It’s mid-week (already!). Global equities are stronger this morning and U.S. equity futures are flat. Here is what we are watching this morning: More U.K. defections: Yesterday, we reported that seven Labour MPs left their party to form a new centrist party, called the Independent Group. … Read More »