Daily Comment
Daily Comment (April 16, 2018)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] It’s relief Monday! There was an attack on Syria but it was quite limited. Equities have moved higher, Treasury yields have lifted, oil prices have dipped and the dollar is lower. This is what we are watching this morning: Parsing Syria: Late Friday, the U.S., U.K.… Read More »
Daily Comment (April 13, 2018)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] U.S. equities are rising this morning as earnings season begins. As our numbers above indicate, earnings are expected to be robust and the releases this morning confirm that outlook. Here is what we are watching: Return to TPP? All presidents learn on the job; there really… Read More »
Daily Comment (April 12, 2018)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] It was a fairly quiet overnight session; the dollar reversed some of yesterday’s losses and equities are modestly higher. This is what we are watching: Ryan’s departure: Soon after last November’s elections, we framed the forthcoming political battle as “Ryan vs. Bannon.” Now, both are gone. … Read More »
Daily Comment (April 11, 2018)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] It’s risk-off today; risk markets are lower on a swirl of issues that are weighing on sentiment. Here is what we are watching: Action on Syria: The president tweeted this morning, warning Syria and Russia that the U.S. is preparing an attack on Syria for its… Read More »
Daily Comment (April 10, 2018)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Risk-on is the order of the day. Here’s what’s driving it: Xi talks: Chairman Xi spoke at the Boao Forum yesterday evening and made promises to open China’s market to foreign investment and lower export impediments. He indicated that auto tariffs will be lowered. The tone… Read More »
Daily Comment (April 9, 2018)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] There is a whiff of “risk-on” this morning, with global equities higher while “risk-off” assets, such as gold and Treasuries, are lower. Presidential tweets were relatively calm over the weekend. Here is what we are watching this morning: Social media to Capitol Hill: Facebook (FB, 157.20)… Read More »
Daily Comment (April 6, 2018)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Happy employment day! We cover the data in detail below but the quick take is that it was much weaker than expected. Payrolls came in well below forecast and the unemployment rate held steady compared to an expected small decline. The data should be taken with… Read More »
Daily Comment (April 5, 2018)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Equities rebounded strongly yesterday after an opening sell-off. So far, U.S. stocks are building on yesterday’s gains. Here is what we are watching this morning: As a point of reference: We have a weekly chart on the S&P 500 P/E ratio at the end of this… Read More »
Daily Comment (April 4, 2018)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Risk markets are down this morning on continued trade worries. Here are the key items we are watching this morning: Trade wars: The U.S. announced tariffs on $50 bn of Chinese imports[1] and China responded in kind. Goods included in China’s tariffs include most of the… Read More »