Economic Conditions

On the very first trading day of the year, the Nikkei, DAX, and S&P 500 gapped lower, setting the tone to a particularly challenging month for investors.  The last week and a half has been better, and this will likely...

The US dollar turned in a mixed performance last week.  Firmer oil and commodity prices more generally helped lift the Australian and Canadian dollars, and many emerging market currencies.  These currencies initially extended their gains ahead of the weekend in...

With equities sliding and oil pushing back below $30, it may feel like the resumption of moves in the first two and half weeks of the year, but it is different.  It is considerably more orderly.  The contagion from the...

Last year in the Asia Pacific will be remembered for shambolic shifts towards a more multipolar economic and political order. The United States alone can no longer shape global destiny but will have to share power with allies and rivals,...

Asia followed suit, extending the recovery seen in the last couple of sessions to end last week.  Equities rose as did oil prices.  The MSCI Asia-Pacific Index rose 1.2%, and the Nikkei posted its first back-to-back gains this year.  Brent...

Like a car ignition that finally catches after several attempts, the global markets are building on the recovery seen in North America yesterday.  Asian stocks rallied, with the Nikkei leading the way with a 5.9% rally.  More modest 1.25% gains...

The Asian equity markets failed to retain the early gains that had at least partially been fueled by the US equities recouping half of their losses.  The MSCI Asia-Pacific Index lost about 1.7% and finished at new 3.5 year lows.  ...

The market meltdown is extending into the third consecutive week.  Once again, the attempt to stabilize has failed, punishing the bottom pickers.  The market meltdown is extending into the third consecutive week.  Once again, the attempt to stabilize has failed,...

There are three important economic events tomorrow.  The UK will release its December employment report and November weekly earnings data.  The US reports December CPI.  The Bank of Canada meets, and is widely expected to be the first central bank...

The relentless pounding that investors suffered in the first two weeks of the year has subsided.  It is too early to have much confidence that a turn is at hand.  By various measures, the sell-off had stretched the technical condition. ...

The market is trying to get its bearings today. The large decline in the US equities before the weekend has had modest spillover effects elsewhere.  Equity markets, barring the Shanghai and Shenzhen Composites, are mostly modestly lower.  The MSCI Asia-Pacific...

Two weeks into the year and most investors are nursing sizable drawdowns.  The recovery in the US equities on January 14 looked like a potential turning point. However, the coattails proved non-existent, and the bull trap sprung with new downside...

There are three developments today, which while not driving the market, are important for many investors.  The first are comments from German Finance Minister Schaeuble and EC President Juncker.  The second is an important development in Poland.  The third are...

The recovery of US shares and oil yesterday provided short-lived.  Asian shares ended lower with the help of Chinese equities.  The 3.5% fall in the Shanghai Composite today brings the year-to-date decline to a little more than 18%. Taiwan, which...

Investors still have not found solid footing this year.  Equity markets have continued to sink, even though China's equities advanced.  Bond markets are mostly firmer, with the US 10-year yield seemingly being drawn back toward 2.0%.  Oil prices are little...