Market decides not to go much of anywhere ahead of the weekend
U.S. stocks stabilized today–thanks to better than expected earnings from Citigroup (C) and JPMorgan Chase (JPM) and, well, Friday. The Standard & Poor’s 500 stock index closed up 0.02%. U.S. crude oil benchmark West Texas Intermedite fell 0.24% but remained above $50 a barrel at $50.32. The iShares MSCI Emerging Markets ETF finished ahead by 0.16%
Suddenly U.S. stocks seem vulnerable
It’s not like U.S. stocks didn’t have enough to worry about today. For the day the Standard & Poor’s 500 Stock Index closed at 2136.73, off by 1.24%. That was enough to push the S&P 500 below the 50-day moving average. The index has been flirting with that support level since early September. Maybe in this context the warnings issued today by Wall Street technical analysts feel like piling on–or maybe they are exactly what they seem, that is warnings
What would turn the plunge in the pound into a problem for global markets?
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Financial markets push dollar up, gold down, as odds for Fed interest rate increase continue to climb
The financial markets are gradually convincing themselves that the Federal Reserve is certain to raise interest rates at its December 14 meeting. That, along with the continued retreat in the pound on remarks from U.K. Prime Minister Theresa May signaling a hard Brexit, sent the U.S. dollar to its biggest gain in two weeks. The Bloomberg Dollar Spot Index climbed by 0.6% this morning.
Add the Bank of England to the “Summer of Stimulus” list
“It now seems plausible that uncertainty could remain elevated for some time,” Mark Carney, head of the Bank of England said today in his second televised speech since the United Kingdom voted to leave the European Union. “The economic outlook has deteriorated and some monetary policy easing will likely be needed over the summer”
Saturday Night Quarterback says, For the week ahead expect…
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...Pound sterling gets pounded as “yes” surges in Scotland independence vote–4 stocks to check out
The pound has dropped to its lowest level in nine months as the financial markets look at the possibility of an independent Scotland that still uses the pound as its currency and the Bank of England as its central bank.
In the currency wars the yen and pound resume their fall
The Japanese yen resumes its decline as Prime Minister Shinzo Abe looks close to making a choice for the new head of the Bank of Japan, and the British pound picks up speed in its drop
The pound falls–is this the next trade in the currency wars?
Is sterling next up in the currency wars? The pound hit a new 7-month low against the dollar today. The biggest driver comes from a change at the top of the Bank of England where Mark Carney will be more willing to tolerate higher inflation than his predecessor
Want to buy AAA-rated bonds in U.K. pounds? Try Singapore
In other words U.K. institutional investors, looking for safety and yield in a long-term bond denominated in pounds sterling first asked the Singapore national investment company to do an offering and second flocked to the deal like bees to clover.
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