by Gregory

Another week, another wrap and another pattern for the stock markets. As for the economic data, here is a summary. Euro area industrial output was less than expected in May (up 0.5%, but still 17% down from May 2008) while Euro inflation negative in June on an annual basis. In the US, retail sales also [...]

by James

Risk remained a negative concept last week, as investors stuck to aversion trades in all major markets. China was the only market that managed to rise, and even there the A-shares only climbed by 0.8%. The global selling was led by commodities. WTI Oil fell 8.75%, closing below the $60/bbl, on a combination of bearish [...]

by James

Commodities and sovereign debt remained volatile last week. US equities managed to rise 0.7% and the dollar rallied back 1% as the bond market fluctuated before closing up. At one point, 10 year bonds sold for more than 4%, and the initial pricing of a 30 year auction on Thursday raised eyebrows. But, things snapped [...]

by James

Time out! Finally, risk aversion re-emerged this week. Global equity markets cooled, oil eased and treasuries prices moved back up. Even the dollar finally responded, rising as a safe-haven (or in reversal of yield trades). Let’s not get excited though, after such a strong and long rally, the selling was nothing more than a mild [...]

by James

Global equities stared down the barrel again in another dicey week, with the S&P 500 giving up 4.8%. Oil repeated a now well-accepted trading pattern, with WTI prices plunging in the US ahead of contract expiry (20 February). The March contract fell 11.9% as inventories rose again and the IEA predicted even more demand destruction. [...]

by James

These are exciting times, this week’s Outlook & Review looks at a fascinating week gone, and one of the most important weeks in this down cycle, starting today. Last week’s flat US market concealed a stressful five sessions. Anyone investor who took a week off might have come back relieved not to have missed anything. [...]

by James

US equities closed the week almost flat (S&P 500 up 0.15%) last week. They remained volatile on low volumes, and held within their trading path of the previous week. A couple of notable down days did not break the rally. S&P 500 Index – Trading Range Holds This relative flat performance came in contrast to [...]

by Gregory

75 basis points finally it is. While it was a bit naive to assume that the Fed would cut to a bigger extent (yesterday morning, before the FOMC decision, the Fed of New York engaged in open market operations for an average rate of 2.34% with mortgage backed collateral !), the Fed did not go [...]