Morning Briefing
Market goes to pessimism on trivial Pompeo comments–tells ya something, though
It didn't take much to end the optimism of the past few days and turn the market at least mildly pessimistic today. U.S. Secretary of State Mike Pompeo told CNBC this morning that Huawei Technologies isn't the only Chinese company that poses security risks to the...
Markets bet that Fed will follow ECB this week to announce something “spectacular”
Gotta love that financial market enthusiasm for central banks. Last week the markets rallied on signals from the European Central Bank that it would cut its key interest rate--now at a negative 0.40%--to a negative -0.50%, lower the rates that banks pay to borrow...
Central banks talk the markets up: Here we go again!
We've seen this play before: Financial markets start to tumble and central banks step in--not with actual stimulus quite yet but certainly with talk of stimulus. The European Central Bank and the German government took a turn today. Germany's Der Spiegel magazine...
Retail sales stronger than expected–there’s hope yet of fending off a recession
Retail sales in July climbed 0.7% from June. Economists surveyed by Briefing.com had predicted a 0.3% climb. Retail sales excluding autos were up 1.0% month over month. Economists had projected a 03% gain.. Nonstore retail sales (that is the Internet) were up 2.8%...
Stocks fall in wave of bad news–but hold up better than expected (all things considered)
As of noon today New York time, the Standard & Poor's 500 and the Dow Jones Industrial Average are both down 2.42%. The NASDAQ Composite is lower by 2.78%. The Russell 2000 small cap index has tumbled 2.66%. And the iShare MSCI Emerging Markets ETF (EEM) has...
Market rallies: Nothing matters but tariffs
Just in case you were wondering: Nothing matters to the stock market except tariffs. I think today's trading proves that. This morning the Trump administration announced that it would delay new 10% tariffs on $300 billion in Chinese goods set to go into effect on...
Add Brazil to a growing list of economies in recession or near recession
Brazil's central bank released a key gauge of economic activity today that signaled that it's likely Brazil fell into recession in the second quarter. The country’s economy activity index, which is a proxy for gross domestic product, fell 0.13% in the second quarter...The stock market seems resigned to a long delay in U.S.-China trade talks
This morning President Donald Trump said that talks with China planned for next month could be called off. “We’ll see whether or not we keep our meeting in September,” Trump said as he left the White House for a fundraiser in the Hamptons. “If we do, that’s fine. If...
People’s Bank signals that yuan devaluation will be orderly
U.S. stocks rallied strongly today, Thursday, August 8, after the People's Bank of China set its daily reference rate for its currency at 7.0039 to the dollar. That was stronger than the 7.0156 yuan to the dollar overnight estimate of 21 analysts and trader surveyed...
A rally in tech shares disguises return to risk off trading
Shares of Apple (AAPL) climbed 0.21% to lead the Technology Select Sector SPDR ETF (XLK) higher by 0.40% as of 2 p.m. trading in New York. That helped disguise what is otherwise a return to the risk off trading of Monday after Tuesday's rally--although with smaller...
People’s Bank signals its goal of an orderly retreat in China’s yuan, and markets recover–somewhat
Stocks rallied today on signs that the People's Bank intends to deliver an orderly drop in China's currency. This morning the yuan traded slightly above the critical 7 yuan to the dollar currency band. And the bank said it will sell $4.2 billion in yuan bills in Hong...Jim’s Stock Alerts
Download Jim’s eBook for Free
