Inflation Rises And A Big Day For Cryptocurrencies
US index futures have dropped underwater following the release of a hotter than expected US inflation numbers. Both US consumer prices (3.4% vs street 3.2% and previous 3.1%) and Core CPI (3.9% vs street 3.8% and previous 4.0%) were worse than expected weakening the case for near term interest rate cuts. US weekly initial jobless […]
Energy In Focus As Investors Await Inflation And Earnings Reports
The most notable news and trading action overnight and into this morning has been in the Energy market. US Crude Oil is up 1.0% while Natural Gas is down 2.8%. Last night API reported a larger than expected (-5.2 mmbbls vs street -1.2 mmbbls) drawdown in weekly US oil inventories. DOE weekly US oil inventories […]
Monday’s Moves Reverse Course
Monday’s full return to trading from the holiday season saw a number of significant moves in the markets including gains of 1.4% for the S&P 500 and 2.2% for the NASDAQ, and a 4.1% selloff in US Crude Oil. These moves appear to have been short lived as they are already being partially reversed this […]
Energy Prices Stumble To Start The Week
The new trading week finds energy prices under pressure again with Natural Gas down 3.7% and Crude Oil down 3.3%. While natural gas weakness can be blamed on a continuing milder than usual winter season, the selloff in oil may have wider implications. Despite ongoing hostilities in the Middle East, Saudi Arabia slashed its February […]
Stocks Retreat As Nonfarm Payrolls And Wage Inflation Increase
US nonfarm payrolls came in well above expectations (216K vs street 170K). The wage inflation components US average hourly earnings (4.1% vs previous 4.0%), and Canada average hourly wages (5.7% vs previous 5.0%) may also attract scrutiny from investors. Canada jobs were disappointing (0.5K vs street 13K). With the US job market still robust and […]
Jobs, Services, Earnings And Energy News In Focus
Service PMI reports have been rolling out from around the world tonight and this morning and for the most part, the numbers have been better than expected and better than the manufacturing surveys which were released earlier this week. The UK and China did particularly well, while Continental Europe, Japan and Australia remain stuck below […]
2024 Opening Selloff Widens As The US Dollar Strikes Back
The downward momentum from yesterday’s 1.6% selloff in the NASDAQ has carried through overseas markets overnight and into this morning and has broadened out into other asset classes as well. In Asia Pacific trading, Sydney fell 1.3%, Seoul dropped 2.3% and Hong Kong lost 0.8%. Major European bourses are down across the board with London […]
2024 Kicks Off With Several Significant Market Moves
Happy New Year and welcome to 2024! Investors around the world have wasted no time getting back to work with a number of significant moves underway across world markets. Equities are under pressure to start the year following a series of ominous Manufacturing PMI reports that started with a miss and a sharp downturn under […]
Steady Markets Await Year-End And Next Week’s Deluge Of Data
It’s the last trading day of the week, month, quarter, and year, and so far equity markets appear content to coast into year end. US Index futures are down marginally this morning after hovering around breakeven yesterday. Over in Europe, the Dax and FTSE are both up about 0.2%. Overall, it has been a […]
Oil Retreats With Inventories In Focus
US Crude Oil is under pressure again this morning, falling 1.6% after API reported a weekly inventory build of 1.8 mmbbls last night. Oil may remain active today with DOE weekly inventories (street -2.7 mmbbls vs previous +2.9 mmbbls) due at 10:30 am EST. Natural Gas is having a better day so far, climbing 2.0%. […]