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US Manufacturing & Services Surveys Plunge "Deeper Into Likely Recession"Nov 23, 2022 - 06:55:22 PST
S&P Global US Manufacturing plunged from 50.4 to 47.6 (contraction), well below the 50.0 expectation. This is the lowest since May 2020. S&P Global US Services tumbled from 47.8 to 46.1 (contraction), below the 48.0 expectation.
Gold prices were flat on Wednesday, as investors held back from making big bets ahead of the U.S. Federal Reserve's latest policy meeting minutes.
Emerging markets have generally benefited from starting the policy tightening cycle early and decisively, but this has not been crucial in determining their currency destiny.
Surging Covid infections make it harder for China to achieve zero-Covid without reverting to a harsh lockdown, Macquarie's Chief China Economist Larry Hu said.
Dwyfor Evans, head of Asia-Pacific macro strategy at State Street Global Markets, talks about Federal Reserve policy and its implications for financial markets, the outlook for major currencies including the dollar, and China's reopening story. He also discusses the opportunities he sees in financial markets with Yvonne Man and David Ingles...
The number of Americans who filed for jobless benefits for the first time was 240k last week (up from 223k the prior week) - that is the highest since August as the brief summer respite. Even more problematically, continuing claims rose to 1.551million Americans last week - the highest since March 2022. Both initial and continuing claims are trending...
Analysts expected a small rebound in preliminary October Durable Goods Orders after September's disappointing decline in core orders and CapEx. They were right... The headline orders print soared 1.0% MoM, smashing expectations of a 0.4% MoM rise. That is the 3rd straight month of rising orders and leaves the YoY gain at 10.7%.
GLOBAL MARKETS-Investors Batten Down Ahead of Fed Minutes, Eurozone Recession Fears GrowNov 23, 2022 - 05:46:11 PST
Global shares were little changed on Wednesday as investors kept their eyes peeled for the minutes of a Federal Reserve meeting that could shed light on whether the U.S. central bank was considering moderating interest rate hikes. The Fed has raised rates significantly in a bid to curb surging inflation, and New Zealand's central bank earlier increased interest...
Nov 23, 2022 - 05:44:38 PST
The global economic slowdown has one nice unintended consequence: as the 10-year Treasury yield softens, mortgage rates decline. US mortgage rates retreated sharply for a second week, hitting a two… One indicator of a slowing global economy is the decline of FANG (Facebook, Amazon, Netflix, Google) with declining liquidity.
Bundesbank Warns Banks Against ‘Careless’ Payout Pledges As Economy CoolsNov 23, 2022 - 05:40:46 PST
German banks should avoid making multi-year promises to their shareholders despite bumper profits this year as the outlook for the economy is worsening, Bundesbank board member Joachim Wuermeling told Reuters. He was joining other European Central Bank supervisors in telling lenders to preserve capital - a message that has irked bankers as...
The customer outflows come at a precarious time for Switzerland’s No. 2 bank by assets, which weeks ago launched a sweeping overhaul of its operations.
The US benchmark bond yield will trade at 4% or higher through at least the end of 2024 as the Federal Reserve averts an economic contraction in its fight against inflation, according to Goldman Sachs Group Inc.
Bond-Market Recession Gauge Hits 41-Year Milestone As Global Growth Fears Mount: MWNov 23, 2022 - 05:34:17 PST
One of the bond market’s most reliable recession indicators reached a new milestone on Tuesday, by trading at its most negative level since the first year of Ronald Reagan’s term as U.S. president.
The Federal Reserve is set to show how united policymakers were at their meeting this month over a higher peak for interest rates than previously signaled as they calibrate their fight against decades-high inflation.
US equity futures and European stocks were steady as investors looked forward to the release of policy minutes from the Federal Reserve’s latest meeting for potential signs that the pace of rate hikes may slow.
When I was a kid, we used to say some things only “sound good on paper.” In other words, they seem like good plans, but there is no way they’re going to work in the real world.That’s socialism in a nutshell.The Pilgrims found this out the hard way during their first couple of years in North America. Their experiment in socialism turned out deadly.
Seasonally Adjusted Money Supply in October was negative for a third consecutive month, coming in at -$88B. This came on the heels of the largest drop in Money Supply ever last month.
Slowly but surely, physical supplies of gold and silver are being drained from the Comex. This has put pressure on the system. We are now seeing that pressure manifest itself in the data.
We recently reported that the Federal Reserve plans to launch a 12-week pilot program in partnership with several large commercial banks to test the feasibility of a central bank digital currency (CBDC). The US isn't alone in experimenting with digital currency. India is working on developing a digital rupee and recently announced the second phase of testing.After successfully running a pilot program to test its digital currency at the wholesale level, the Reserve Bank of India (RBI) has announced it will test the digital rupee in a retail setting.
China is likely quietly stockpiling gold in a bid to further minimize its dependence on the US dollar.