Daily Comment
Daily Comment (September 6, 2019)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] Happy employment data Friday! We cover the data in detail below but here is the snapshot—it was mixed. The payroll report was soft, but wage growth and the household survey were rather strong. Financial markets are taking the report as weak, focusing… Read More »
Daily Comment (September 5, 2019)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] Trade optimism is lifting risk assets; equities are up, while gold, the dollar and Treasuries are down. Here are the details and other items we are watching: An observation: One of the most difficult tasks humans face is trying to deal with… Read More »
Daily Comment (September 4, 2019)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] Yesterday was busy; the ISM manufacturing data disappointed and there was lots of Brexit news. Here are the details and other items we are watching: Boris’s terrible, horrible, no-good, very bad day: PM Johnson had a rough day yesterday. First, his government… Read More »
Daily Comment (September 3, 2019)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] Welcome back! Three-day weekends are great, but now we get to pile five days of work into four! Trade worries continue to weigh on risk assets. Brexit appears to be reaching some sort of resolution. Hurricane Dorian dominated the weekend news flow.… Read More »
Daily Comment (August 30, 2019)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] It’s the last business day of “cultural summer” (the autumn equinox doesn’t occur until September 23), but the summer season generally ends with Labor Day. Trade optimism continues to buoy equities. There are elections in Germany over the weekend. Hurricane Dorian is… Read More »
Daily Comment (August 29, 2019)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] Risk-on has returned on trade optimism. Italy has a government. Brexit thoughts. Fifty-year T-bonds? Here are the details and other items we are watching: China: Equity futures rebounded after China indicated that it would not retaliate against the latest U.S. tariff increases. … Read More »
Daily Comment (August 28, 2019)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] It’s midweek; halfway to Labor Day weekend! Boris moves against Parliament, Parliament moves against Boris and we are reacting to the Bill Dudley op-ed. Here are the details and other items we are watching: Brexit: For the first time since 1948, PM… Read More »
Daily Comment (August 27, 2019)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] Good morning! After several days of stomach-turning gyrations, things are rather quiet this morning. Here is what we are watching: Italy: Today is the deadline day for the center-left and populist-left to try to cobble together a coalition. The news is mixed. … Read More »
Daily Comment (August 26, 2019)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] It’s Monday in late August, the last one of summer. Global equity markets moved full circle overnight. Here is what we are watching: The trade war: We were in the midst of writing Friday’s comment when China announced its retaliation against the… Read More »