Equity markets were marked by wild upside and downside swings this week, moving in a completely random pattern and furiously rejecting all support from governments and central banks. At this point no one can really explain why the markets behave the way they do, and what may be next...
WTI crude traded a touch below the $48 mark per barrel. The two-day OPEC meeting starts today. Announcement of lower OPEC production could be the last piece in the puzzle to cement the recovery in the equity markets. But OPEC needs to pay up for that...
US equities coughed to life as the Congress agreed to spend $7.8 billion to combat the coronavirus on Wednesday. This was three times the amount suggested by President Donald Trump, a kind of surprise needed to boost the investor sentiment nowadays...
WTI crude held ground above $46.50 a barrel, as oil traders remained hopeful that OPEC and its allies could offer a satisfying solution to contain the decline in oil prices at their March 5-6 meeting...
US equities tanked 3% following a surprise 50-basis-point cut from the Federal Reserve (Fed) yesterday...
Equities in Shanghai kicked off the week with a 3% rebound despite the decline in Caixin manufacturing index to the lowest on record. February read showed that manufacturing in China slowed at the fastest pace since the collect of data began in 2004...
The US dollar index extended losses despite encouraging sales data. US durable goods orders fell 0.2% in January, less than 1.5% penciled in by analysts, as the fourth quarter GDP growth came in unchanged at 2.1%, as expected...
Then all hell broke loose. After equities in London and Frankfurt slid past 3%, Wall Street crashed 4.42% and Nasdaq plummeted 4.61%. WTI crude tanked to $45 a barrel, as Brent hit $50. US futures extended losses in the overnight trading session. Chinese stocks slid 3.71%, Hang Seng fell 2...
WTI slipped below the $48 a barrel. The sharp fall in oil prices should take a toll on energy companies today. US equity futures shred 1.50%, as the US 10-year Treasury yield plunged to the record low of 1.30% as investors rushed to safety on expectation that the sell-off in equities may deepen...
Thursday was yet another rocky trading session amid the WHO said that for the first time since the beginning of the coronavirus outbreak, there were more cases outside China than inside...
There is some downside correction in gold despite the risk-off trading mood. The price of an ounce eased to $1625, after Monday’s advance to $1691. Yet buyers continue piling into gold at price retreats to hedge the risk of a deeper equity sell-off. The rush into US government bonds continue...
The early optimism in European stock markets was rapidly washed out at the open yesterday. US indices sold off heavily for a second consecutive day. The S&P500 and the Dow closed Tuesday’s session 3% lower, as Nasdaq dived 2.77% on mounting coronavirus worries. Nikkei lost 0...
The euro recovered past 1.0860 against the US dollar as German GDP is expected to confirm a 0.2% growth in the fourth quarter versus 0.0% expected by analysts. An encouraging data could further fuel recovery in single currency against a softening US dollar...
Major US indices plunged more than 3% in New York as worries that the coronavirus could become a global pandemic took a toll on the markets worldwide. Technology stocks led losses in New York; Apple (-4.75%), Microsoft (-4.31%) and Intel (-4...
Gold rallied to a fresh seven-year high as risk-off capital poured into the yellow metal. The price of an ounce surged to $1680 for the first time since January 2013...
The week started with heavy losses in Asian markets as the number of coronavirus cases outside China surged, spurring worries that it could become a global pandemic. At least ten cities in Northern Italy are quarantined and the Venice Carnival was closed. Stocks in Korea (-3...
News is discouraging, but the US surveys show no evidence of spillover from the coronavirus outbreak. Yesterday’s data showed that the Philadelphia manufacturing index not only rose unexpectedly but also pointed at a three-year high of 36.7 in February, versus 10.1 expected by analysts and 17...
It’s about time we start seeing bad data creeping in and giving us a better perception of the true impact of the coronavirus on the global economy...
The FOMC minutes showed that risks related to global trade and growth were diminished after the signature of the phase-one deal between the US and China, but other risks emerged, including the coronavirus outbreak...
