Daily Comment
Daily Comment (January 10, 2017)
by Bill O’Grady, Kaisa Stucke, and Thomas Wash [Posted: 9:30 AM EST] China reported its producer prices (see below). China’s PPI has been rising, suggesting growing inflation pressures in the country. Over the past year, producer prices have been rising rapidly in China after more than two years of producer price deflation. The combination of monetary… Read More »
Daily Comment (January 9, 2017)
by Bill O’Grady, Kaisa Stucke, and Thomas Wash [Posted: 9:30 AM EST] It was a rather quiet weekend. We are seeing a drop in oil prices this morning attributed to reports that production in Northern Iraq, which is under Kurdish control, may be rising. It was never certain whether the Kurds would cooperate and the worry… Read More »
Daily Comment (January 6, 2017)
by Bill O’Grady, Kaisa Stucke, and Thomas Wash [Posted: 9:30 AM EST] Happy employment data day! We have the details below but, in general, the data was mostly in line with expectations. We did see a bit of wage growth which has been bearish for bonds but supportive for the dollar. U.S. crude oil inventories fell… Read More »
Daily Comment (January 5, 2017)
by Bill O’Grady, Kaisa Stucke, and Thomas Wash [Posted: 9:30 AM EST] Initial comments from the Fed minutes yesterday suggested they were somewhat hawkish. Market action this morning, especially the dollar’s retreat, has led commentators to suggest that the minutes were, in fact, dovish. We suspect they were neither. The FOMC is in the same situation… Read More »
Daily Comment (January 4, 2017)
by Bill O’Grady, Kaisa Stucke, and Thomas Wash [Posted: 9:30 AM EST] It was mostly quiet overnight. Perhaps the most interesting news came from National Front Leader Marine Le Pen, who indicated that she would want a single currency in Europe to continue even if France leaves the Eurozone. Le Pen has said before that if… Read More »
Daily Comment (January 3, 2017)
by Bill O’Grady, Kaisa Stucke, and Thomas Wash [Posted: 9:30 AM EST] Happy New Year! We’re back… After some profit-taking into year’s end, the first trading day of the year is starting off with a return to mid-December trends—long-term interest rates are rising, the dollar is up and U.S. equities are up as well. The dollar’s… Read More »
Daily Comment (December 23, 2016)
by Bill O’Grady, Kaisa Stucke, and Thomas Wash [Posted: 9:30 AM EST] (Note to readers: We are suspending the Daily Comment next week, starting on Tuesday, December 27. We will restart the report on Tuesday, January 3. From all of us at Confluence Investment Management, we wish you a warm and blessed holiday season!) Happy… Read More »
Daily Comment (December 22, 2016)
by Bill O’Grady, Kaisa Stucke, and Thomas Wash [Posted: 9:30 AM EST] (Note to readers: We are suspending the Daily Comment next week, starting on Tuesday, December 27. We will restart the report on Tuesday, January 3. From all of us at Confluence Investment Management, we wish you a warm and blessed holiday season!) There… Read More »
Daily Comment (December 21 2016)
by Bill O’Grady, Kaisa Stucke, and Thomas Wash [Posted: 9:30 AM EST] Happy Winter Solstice! Market activity is clearly slowing as the year winds down. Depressed market activity this time of year isn’t anything new; because of slow trade and thinning volumes, investors should refrain from reading too much into technical signals this time of year.… Read More »