Research & News

Daily Comment (October 8, 2019)

by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA Equities are weaker this morning two days before China/U.S. trade talks.  Uncertainty reigns on the Syria/Kurd issue.  Brexit looms. Here are some of the details: China:  There are two news items regarding China that have sent equities lower.  First, the U.S. has added 28 Chinese entities… Read More »

Weekly Geopolitical Report – The Japan-South Korea Dispute: Part II (October 7, 2019)

by Patrick Fearon-Hernandez, CFA In Part I of this report, we reviewed the history of Japanese-Korean relations over the last several centuries, highlighting the Japanese invasions of Korea in the 1590s and 1890s, Japan’s assassination of a Korean queen in 1895, and Japan’s colonization of Korea from 1910 to 1945.  We also showed how Japanese… Read More »

Daily Comment (October 7, 2019)

by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA Happy Monday (is it just me? Or are weekends getting shorter?)!  It’s a big week—the Fed releases its minutes on Wednesday, we get CPI on Thursday and Chinese officials are in town for trade talks.  Here are some of the details: China talks:  It appears that… Read More »

Asset Allocation Weekly (October 4, 2019)

by Asset Allocation Committee Although the convention for measuring earnings is compared to shares, Standard and Poor’s also calculates the level of operating earnings for all the stocks in the S&P 500. The per-share value is calculated by dividing this number by the S&P divisor.  The advantage of this number versus the per-share data is that… Read More »

Daily Comment (October 4, 2019)

by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] Happy employment Friday!  We cover the data below, but the quick take is that the report is mixed.  The drop in the unemployment rate to 3.5%, a new cycle low, is impressive.  However, wage growth for non-supervisory workers fell to 3.5% from… Read More »

Daily Comment (October 3, 2019)

by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] Equity markets are mostly flat this morning after two sharp down days.  Johnson has a new Brexit plan.  The WTO approves U.S. retaliatory tariffs against the EU.  Here is what we are watching this morning: Equity worries:  Equity markets have taken a… Read More »

Daily Comment (October 2, 2019)

by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] It’s another risk-off day so far this morning.  Residual worries about the economy continue to dominate.  Here is what we are watching this morning: Reviewing ISM manufacturing:  As you are all aware by now, the ISM manufacturing data for September came in… Read More »

Daily Comment (October 1, 2019)

by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] Happy Q4!  Although there is a lot of news, not much is market-moving.  A poorly received bond auction in Japan has lifted bond yields around the world.  Here is what we are watching this morning: China’s anniversary:  China held its 70th anniversary… Read More »

Weekly Geopolitical Report – The Japan-South Korea Dispute: Part I (September 30, 2019)

by Patrick Fearon-Hernandez, CFA Since early July, the financial press has been reporting on a continued trade spat between Japan and South Korea.  The reports have focused on a series of tit-for-tat trade restrictions the countries have imposed on each other, which are ostensibly tied to South Korean anger over Japan’s behavior in the runup… Read More »

Daily Comment (September 30, 2019)

by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] Happy Monday!  It’s the last day of the quarter and there is a lot going on.  Let’s dig in.  Here is what we are watching this morning: Happy Anniversary!  The Communist Party of China (CPC) will hold major celebrations this week for… Read More »

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