Brighter Business Sentiment in Germany

Germany’s Ifo Business Climate Index improved in November, strengthening from 84.5 to 86.3 (85.0 was expected). The overall index rose following an improvement in expectations over the last two months. Signals that the sharpest downturn may be over and that the situation will stabilise further we also previously noted in Markit PMIs and the ZEW […]

Sunset Market Commentary

Markets “The votes are in. They’ve been counted and verified. There’s no ballot stuffing, there’s no fowl play”. In absence of other meaningful news, we open with Monday’s traditional pre-Thanksgiving turkey pardon at the White House where US President Biden spared the lives of “Chocolate” and “Chip”. Other holiday season puns included that the only […]

Yields Lower Despite Hawkish ECB Comments

Market movers today No major data releases are scheduled for today, but Swedish October PPI and German consumer confidence are due for release. It is a quiet day on the central bank front as well, Riksbank’s Floden will be on the wires today. The 60 second overview Yields lower, equities up, USD flat: Despite hawkish ECB comments (see below) […]

European Stocks Surf on Softer USD

Markets were quiet yesterday, as the US was closed for Thanksgiving. European markets mostly surfed on the positive reaction from the US equities to the Federal Reserve (Fed) minutes released a day earlier. The latest minutes from the Fed were heard as dovish, as the Fed is willing to reduce the size of its interest […]

US Financial Markets Reopen Today But Only for a Short Session

Markets Yesterday’s session was a short one with the US absent for Thanksgiving. European stock markets closed with gains between 0.4-0.8%. European/German bonds advanced in a catch-up move with a late-session UST rally the day before. ECB’s Schnabel cut the run short though. The influential German board member said European fiscal policies and incoming data […]

Sunset Market Commentary

Markets It was D-day in the UK today: Finance Minister Hunt presented the delayed Autumn Statement. The budget fell under close scrutiny by financial markets after the Truss/Kwarteng tandem unsettled them big time with their massive unfunded spending and tax cuts. Hunt’s budget was a near 50-50 mix of tax increases and spending cuts. He […]

Will Japan's CPI Inflation Help the Yen's Recovery?

Japan will update its CPI inflation data on Thursday at 23:30 GMT, with investors projecting a bold acceleration in the pace of price increases. Although the Bank of Japan (BoJ) keeps sticking stubbornly to its ultra-easy policy, recent comments disclosed willingness for a hawkish change. If the data intensifies the debate for an earlier exit, the rally in the […]

Pound Takes a Dive, Retail Sales Next

The British pound is sharply lower on Thursday as the US dollar has rebounded against the major currencies. In the North American session, GBP/USD is trading at 1.1787, down 1.07%. We continue to see sharp swings from the pound in November. Autumn Statement emphasizes austerity Jeremy Hunt’s Autumn Statement was much more in keeping with […]

G20: What Did the Leaders Decide?

The G20 summit took place in Bali, Indonesia, on November 2022. Industrialized and developing countries of the G20 account for 80% of global economic activity and two-thirds of the world’s population. The leaders of the 17 met in Indonesia to discuss all the hot topics of the world. The summit’s official themes were financial stability, […]

Cliff Notes: A Fine Balancing Act

Key insights from the week that was. Critical data for Australia’s economy was received this week; elsewhere though, it was the mindset and actions of policy makers that filled the headlines. Of the data received this week, Australia’s October labour force survey was most significant. Against the market’s expectation for a 15k increase in employment, […]