Daily Comment

Daily Comment (July 25, 2016)

by Bill O’Grady and Kaisa Stucke [Posted: 9:30 AM EDT] It was another mostly quiet night.  We did see European equities lift on better economic sentiment data (see below).  The G-20 meeting ended with a mostly banal communiqué.  There was some discussion of fiscal policy by the group.  However, the G-20 structure is so unwieldy that… Read More »

Daily Comment (July 22, 2016)

by Bill O’Grady and Kaisa Stucke [Posted: 9:30 AM EDT] The GOP convention wrapped up last night; the Democrats hold theirs next week.  Financial markets are very quiet this morning, typical of the “dog days” of summer.  There were two items of note.  First, the flash PMI data from the U.K. was quite weak, with the… Read More »

Daily Comment (July 21, 2016)

by Bill O’Grady and Kaisa Stucke [Posted: 9:30 AM EDT] The JPY rose strongly overnight after media reports quoted BOJ Governor Kuroda as saying that helicopter money was not being considered and would never be implemented.  This comment came as a surprise as the financial markets have been steadily discounting some sort of action from the… Read More »

Daily Comment (July 20, 2016)

by Bill O’Grady and Kaisa Stucke [Posted: 9:30 AM EDT] Market commentary is starting to suggest that the FOMC may be heading toward a rate hike later this year.  Since the Brexit event is now behind us and the U.S. economy has stabilized, if the Fed wants to return to a tightening mode, it could.  However,… Read More »

Daily Comment (July 19, 2016)

by Bill O’Grady and Kaisa Stucke [Posted: 9:30 AM EDT] Financial and commodity markets are very quiet this morning as the summer doldrums are starting to become evident.  However, three news items did catch our attention and are worthy of comment: GOP Platform calls for a return to Glass-Steagall: The Glass-Steagall Act separated commercial from investment… Read More »

Daily Comment (July 18, 2016)

by Bill O’Grady and Kaisa Stucke [Posted: 9:30 AM EDT] The big weekend news was the failed coup in Turkey.  Late Friday, news began to emerge of unusual troop movements within the country.  By evening, it was clear that a full-blown coup attempt was underway.  President Erdogan issued a statement to his followers via FaceTime to… Read More »

Daily Comment (July 15, 2016)

by Bill O’Grady and Kaisa Stucke [Posted: 9:30 AM EDT] There were two major news items overnight, the Nice terrorist attack and China’s GDP.  News reports indicate that there were 84 deaths from a terrorist attack in Nice, France.  The attacker, identified as Mohamed Lahouaiej Bouhlel, a French passport holder of Tunisian descent, used a 19… Read More »

Daily Comment (July 14, 2016)

by Bill O’Grady and Kaisa Stucke [Posted: 9:30 AM EDT] Equities are higher this morning on expectations of continued support from policy stimulus.  Although the BOE disappointed (see below), the BOJ looks like it is moving steadily toward direct BOJ financing of fiscal spending, otherwise known as helicopter money.  Japan remains mired in near-deflationary conditions and… Read More »

Daily Comment (July 13, 2016)

by Bill O’Grady and Kaisa Stucke [Posted: 9:30 AM EDT] It was another quiet overnight session.  Equities continue to be well bid; as noted above, so far, earnings are coming in better than expected.  Of course, as our AAW discusses this week, the data we track daily comes from Thomson-Reuters, meaning that they are probably overstating… Read More »

Daily Comment (July 12, 2016)

by Bill O’Grady and Kaisa Stucke [Posted: 9:30 AM EDT] The most important news for investors is that, despite everything, equity markets around the world are gaining strength.  This improvement is coming despite slowing earnings growth, sluggish economic activity, Brexit, an adverse ruling against China on its maritime claims, U.S. elections, etc.  Why the strength?  Most… Read More »

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