Daily Comment
Daily Comment (August 13, 2018)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] U.S. equity futures have grinded to unchanged, while global equity markets remain weak. The dollar is higher which is putting downward pressure on commodity markets. Treasuries are mostly steady. Here is what we are watching: Talking Turkey: The Erdogan government announced a series of measures this… Read More »
Daily Comment (August 10, 2018)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Markets are down as investors are concerned that a possible collapse of the Turkish lira could spill over to the Eurozone. Here is what we are watching: Economic warfare? Proposed U.S. sanctions on Turkey and Russia have caused the currencies in the respective countries to fall… Read More »
Daily Comment (August 9, 2018)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Markets are quiet this morning. Here is what we are watching: Trade update: Russia is facing another round of sanctions,[1] these tied to the chemical weapons poisoning in April of British citizen and former Russian spy Sergei Skripal and his daughter. The sanctions are part of… Read More »
Daily Comment (August 8, 2018)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Today’s trade is becalmed—there is nothing major happening in any markets thus far. This sort of activity is very typical for August. Here is what we are watching today. Trade news: The U.S. announced that $16 bn of Chinese imports will face an additional 25% tariff.[1] … Read More »
Daily Comment (August 7, 2018)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] We are seeing some risk-on behavior this morning; global equities are moving higher, the dollar is a bit weaker, precious metals are stronger and Treasury rates are rising. Here is what we are watching today. Primaries today: The media will be mostly focused on primaries being… Read More »
Daily Comment (August 6, 2018)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Markets are rather quiet this morning, a reflection of the “dog days” of summer. However, there was a lot of news over the weekend. Let’s dig in: Trade talks: China indicated it is preparing for a protracted trade war.[1] In a new turn, Chinese state media… Read More »
Daily Comment (August 3, 2018)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Happy Beer Day![1] Also, it’s employment data day. We detail the data below but the quick take is that the data is a bit better than expected but not so strong as to change policy. Financial markets are treating the report with some caution, mostly due… Read More »
Daily Comment (August 2, 2018)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] It’s a risk-off morning. The news driving the weakness in equities appears to be related to escalating trade tensions with China. Here is what we are watching this morning: Trade update: Yesterday, there were reports that the White House was considering increasing the tariff rate on… Read More »
Daily Comment (August 1, 2018)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Happy August! Summer is winding down—it seems like it just started. Here is what we are watching: The Fed: The meeting ends this afternoon. No rate hike is forecast.[1] The only item of interest will be the statement, which probably won’t tell us anything. Even so,… Read More »