Daily Comment
Daily Comment (November 9, 2018)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] It’s Friday, just not a very happy one. The market tone is definitely risk-off. Today’s weakness is mostly made in China but there are other concerns as well. Here is what we are watching: China: The inflation data (see below) was mostly in line with expectations. … Read More »
Daily Comment (November 8, 2018)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] It’s Fed day! The FOMC meets today but it is one of those meetings without new forecasts (“dots”) or a press conference. Thus, we are expecting no change in rates or in the statement. We are seeing some consolidation in equities this morning after a strong… Read More »
Daily Comment (November 7, 2018)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Happy Wednesday! No more political ads on TV! Here is what we are watching this morning: Election takeaways: The midterms came out about as expected, with the House going to the Democrats and the GOP expanding its hold on the Senate. Although, in the end, things… Read More »
Daily Comment (November 6, 2018)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] It was a very quiet overnight session. Media attention is focused on the midterms. Here is what we are watching this morning: Midterms: We have already discussed the election at length. Here is our simple guide. The consensus outcome is a Democratic House and a Republican… Read More »
Daily Comment (November 5, 2018)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Equity markets are mixed this morning on the eve of a big week. Midterm elections are tomorrow (don’t know about you, but we won’t miss the political ads), and the FOMC ends its meeting on Thursday. Here is what we are watching this morning: Elections: The… Read More »
Daily Comment (November 2, 2018)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Happy Employment Friday! We cover the data in detail below, but the snapshot is that the data was very strong. Payrolls and wages rose well above forecast. Global equities are higher this morning on optimism that the U.S. and China can come to a trade agreement.[1] … Read More »
Daily Comment (November 1, 2018)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Equities continue to rally, although we note that we have seen some weakness emerge after a rather hawkish statement from the BOE. Here is what we are following this morning: BOE: The Bank of England surprised the markets this morning by indicating the economy is at… Read More »
Daily Comment (October 31, 2018)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Happy Halloween! It’s mid-week and equity markets around the world are lifting this morning. It looks to us like a normal bounce from a correction. Will it have legs? Probably. Our position is that this drop was mostly a normal correction but not the start of… Read More »
Daily Comment (October 30, 2018)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] What’s wrong with the market? Yesterday’s equity market action was quite disappointing. After a strong opening, prices steadily declined then slumped into the close. There appeared to be two catalysts. First, the Commerce Department announced it was going to restrict exports to a Chinese chip… Read More »