Daily Comment
Daily Comment (October 16, 2018)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Equities have rebounded this morning due to expectations of strong earnings, and Treasury yields are also trending upward as it appears tensions are easing with Saudi Arabia and China. Below are the stories we will be following throughout the day: Khashoggi death: On Monday, CNN reported… Read More »
Daily Comment (October 15, 2018)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] The equity sell-off has returned as U.S. tensions with Saudi Arabia and China escalated over the weekend. Growing concerns of market uncertainty have led to a rise in oil prices, gold and Treasuries, as well as a drop in the dollar. Below are the stories we… Read More »
Daily Comment (October 12, 2018)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Good morning! It appears the market has finally recovered after a two-day sell-off in global equities. The yuan has also retreated following reports that the IMF and U.S. Treasury have concluded that China isn’t manipulating its exchange rate. Here are the stories we are following today:… Read More »
Daily Comment (October 11, 2018)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] [BREAKING: President Trump agreed to a meeting with Chinese leader Xi Jinping to discuss ongoing trade tensions during the G20 Summit. Earlier this week, U.S. officials had warned China that trade discussions would only take place if it provided a detailed list of trade concessions.… Read More »
Daily Comment (October 10, 2018)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] U.S. equity futures have weakened on an unexpected jump in core PPI (see below). Here is what we are following: China: There were a few items of interest this morning. First, Treasury Secretary Mnuchin warned China not to use a weaker currency to offset U.S. trade… Read More »
Daily Comment (October 9, 2018)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] It’s another risk-off day; we did see U.S. equities recover yesterday into the close but the futures are indicating a lower opening. Here is what we are following: China: There has been speculation that President Trump and Chairman Xi would meet at next month’s G-20 summit,… Read More »
Daily Comment (October 8, 2018)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] It’s Monday—financial markets are in clear risk-off mode amid lots of news. It is Columbus Day, a bank holiday, so commercial banks and the Treasury market are closed today. Here is what we are following: China: Chinese markets reopened after a week-long holiday to a significant… Read More »
Daily Comment (October 5, 2018)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] It’s employment Friday! We cover the data in detail below, but the short recap is that the payroll data came in well below forecast at 134k vs. estimates of 185k. However, revisions added 87k, so the overall increase in payrolls did exceed estimates. The unemployment rate… Read More »
Daily Comment (October 4, 2018)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] It’s a global down day for equities. Rising long-duration interest rates are the most cited culprit. Here is what we are watching today: Rising long-duration yields: Long-duration yields are mostly a function of the policy rate and inflation expectations. Determining the policy rate is a snap. … Read More »