September 29, 2022 | Daily JAM, Morning Briefing |
Yesterday, September 28, for a day, global stocks and bonds rallied after the Bank of England stepped in and said it was setting aside £65bn ($72 billion) to buy bonds over the next 13 working days. (It’s a limited-time offer that expires on October 14.) Today, the global selling has resumed. As of the close in New York time, the Standard & Poor’s 500 was down 2.11% on the day. The rally yesterday was, in my opinion, a knee-jerk reaction by investors and traders who saw the Bank of England’s move as evidence that the central bank Put lived. And that central banks would, of course, rescue the financial markets. According to this interpretation, the market was upset, and, as usual, central bankers soothed it with a bundle of cash. Which led markets to hope that other central banks, especially the Federal Reserve, would pivot away from a policy of higher interest rates in the face of the damage done to financial markets. Today’s resumption of selling is, I think, a recognition that yesterday’s rally was based on false assumptions.
January 11, 2020 | Daily JAM, Friday Trick or Trend |
Our regular (or occasional or perhaps occasionally regular) Friday series (actually running on Saturday this week) Trick or Trend looks at what might (or might not) be emerging investible trends. Exclusively on JAM. This post won't run anywhere else. Ever. The...
September 4, 2019 | Daily JAM, Morning Briefing, Short Term |
As of 2 p.m. New York time U.S. stocks were higher on just about no meaningful news. To me it looks like the market wants to climb in the very near term--testing technical momentum to move to 2950 on the Standard & Poor's 500 and maybe beyond. The "reasons" being...
September 3, 2019 | Daily JAM |
It was the kind of session that only Parliament can produce: jeering, catcalls, and mid-speech by Prime Minister Boris Johnson the dramatic resignation of a Conservative member of Parliament who got up from his seat and walked over to join his new party the Liberal...
September 1, 2019 | Daily JAM |
... some things in the financial markets will be so similar to what they were before the Labor Day holiday that you might think you were never away at all. Not everything, though. Yes, the U.S.-China trade war will still be hanging fire. And the tariffs on $112...
August 6, 2018 | Daily JAM, Mid Term, Morning Briefing |
The pound is down today against the dollar on Brexit fears. And the euro is also lower against the U.S. currency on a surprise slump in German economic growth. Not good news for U.S. exports to Europe (which get pricier as the pound and euro fall) or for a global...
June 9, 2017 | Daily JAM, Morning Briefing, Short Term |
Financial markets today shrugged off testimony from fired FBI director James Comey, a stunning election rebuke of Prime Minister Theresa May in UK elections, and a lack of news from the European Central Bank yesterday. The Standard & Poor’s 500 stock index is up 0.14% as of 12:30 p.m. New York time today. The only exception to the calm is the pound, which has tumbled almost 2% against the dollar
May 31, 2017 | Daily JAM, Volatility |
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May 23, 2017 | Daily JAM, Uncategorized |
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March 13, 2017 | Uncategorized |
To subscribe to JAM you need to fill in some details below including, ahem, some info on how you'll pay us. A subscription is $199 (although if you're subscribing with one of our special offers it will be lower) for a year for ongoing and continuing access to the...
January 16, 2017 | Daily JAM, Morning Briefing, Short Term |
In an interview with the London Times and Germany’s Bild President-elect Donald Trump managed to dismiss the European Union as a tool for expanding German exports and to label NATO as obsolete. Shares of German automakers and British pound are hit
January 15, 2017 | Daily JAM, Friday Trick or Trend |
In overnight trading in Asia the pound fell against the dollar, dropping below $1.20 for the first time since October’s flash crash. The immediate cause was a report in the Sunday Times that in a speech scheduled for Tuesday U.K. Prime Minister Theresa May will say that the United Kingdom is prepared to headed for a Hard Brexit
