Daily Comment

Daily Comment (July 11, 2016)

by Bill O’Grady and Kaisa Stucke [Posted: 9:30 AM EDT] There is a lot of political news this morning, all of it from abroad. Leadsom quits: The race to replace PM Cameron ended this morning when Energy Minister Andrea Leadsom quit the race, leaving Home Secretary Theresa May as the only remaining candidate.  Almost immediately, the… Read More »

Daily Comment (July 8, 2016)

by Bill O’Grady and Kaisa Stucke [Posted: 9:30 AM EDT] We discuss the labor market data in more detail below but the initial response is that the Bureau of Labor Statistics (BLS) seems to have lost its way.  We saw a massive jump in June non-farm payrolls by 287k with a net revision of -6k, reversing… Read More »

Daily Comment (July 7, 2016)

by Bill O’Grady and Kaisa Stucke [Posted: 9:30 AM EDT] Financial markets are attempting to stabilize in front of tomorrow’s employment data.  We did get the ADP data (see below), which came in above forecast and rather strong compared to last month.  Current expectations call for a 180k rise in payrolls and a 4.8% unemployment rate… Read More »

Daily Comment (July 6, 2016)

by Bill O’Grady and Kaisa Stucke [Posted: 9:30 AM EDT] It’s more of the same this morning.  The GBP has declined under $1.30, worries are present about Italian banks becoming a systemic risk and we continue to see the relentless decline in sovereign yields.  China is continuing its “stealth” depreciation.  Here are a few charts of… Read More »

Daily Comment (July 5, 2016)

by Bill O’Grady and Kaisa Stucke [Posted: 9:30 AM EDT] After an impressive recovery in equities last week, markets are weakening to start this week.  There are a number of factors weighing on sentiment.  Here are the key ones: The Italian banking mess: Today’s lead headline in the FT discusses how Monte dei Paschi (BMPS: IM,… Read More »

Daily Comment (July 1, 2016)

by Bill O’Grady and Kaisa Stucke [Posted: 9:30 AM EDT] It’s global PMI day!  We have recorded the overseas numbers below.  Overall, Europe came in strong, while Asia was mostly neutral to negative.  Although the European numbers were positive, they may be dampened post-Brexit. After BOE Governor Carney promised further monetary accommodation yesterday, financial markets rose… Read More »

Daily Comment (June 30, 2016)

by Bill O’Grady and Kaisa Stucke [Posted: 9:30 AM EDT] The big shock overnight came from a surpise announcement by former London Mayor Boris Johnson, who withdrew from the race for the PM job in the U.K. after a withering attack from an (now probably former) ally, Michael Gove.  This withdrawal adds to uncertainty surrounding the… Read More »

Daily Comment (June 29, 2016)

by Bill O’Grady and Kaisa Stucke [Posted: 9:30 AM EDT] Although global equity markets continue to rally, we are seeing a rather curious trade across financial and commodity markets.  Notably, gold and long-duration Treasuries remain strong.  Two charts highlight the impact.  First, we note that inflows into gold ETPs are steadily rising. (Source: Bloomberg) This chart… Read More »

Daily Comment (June 28, 2016)

by Bill O’Grady and Kaisa Stucke [Posted: 9:30 AM EDT] We are seeing a rebound in risk markets this morning as there is growing speculation that the U.K. and the EU will be able to negotiate an acceptable deal.  This sentiment is rising despite comments from Chancellor Merkel indicating that there will be no “cherry picking”… Read More »

Daily Comment (June 27, 2016)

by Bill O’Grady and Kaisa Stucke [Posted: 9:30 AM EDT] British politics is in deep turmoil.  The Labour Party is in disarray after 17 members called for the ouster of party leader Jeremy Corbyn.  The Labour leader is deeply unpopular with the MPs but the party faithful adore him.  Labour Party officials partly blame Corbyn for… Read More »

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