Day: August 17, 2018
S&P cuts Turkey credit rating deeper into junk territory
Standard & Poor’s took Turkey’s sovereign debt rating even lower on Friday. S&P had already rated Turkey’s bonds as “junk,” but on Friday lowered the the long-term foreign currency sovereign credit rating one notch to a “B+” and the long-term local currency rating to “BB-“. The credit rating firm also forecast a recession for Turkey …
S&P cuts Turkey credit rating deeper into junk territoryRead More
US stocks are again headed for new highs while rest of the world’s stock market struggles
The U.S. stock market is well on its way to better-than-average gains this year, but a quick glance at overseas markets reveals a more sobering story. Global stock markets are having a tough 2018. While the S&P 500 is up more than 6 percent and less than 1 percent away from new highs, the iShares …
US stocks are again headed for new highs while rest of the world’s stock market strugglesRead More
Morgan Stanley cuts its profits estimates for General Motors because of its exposure to China
Morgan Stanley’s outlook on General Motors shares has dimmed due to the escalating trade war between the U.S. and China. The firm reduced its price target to $46 from $50 for General Motors shares and cut its 2018 earnings per share estimate to $5.60 from $6.31 for the company. General Motors sold 1.8 million cars …
Which Major Economies Have Exposure to EM Economies?
The Eurozone appears to have the most financial and economic exposure to EM economies. However, if external debt issues in the developing world are not systemic, then we are not overly concerned about that exposure. The Eurozone May Be the Most at Risk In the third of three reports on the fallout from financial crises …
Which Major Economies Have Exposure to EM Economies?Read More
Is Turkey a Canary in the Emerging Market Coal Mine?
Some other individual emerging market (EM) economies could have their own financial problems à la Turkey. But we think any financial crises in the EM world would be individual episodes rather than systemic. Are External Debt Problems in Developing Economies Systemic? Turkish assets have been hammered over the past few days due largely to concerns …
Is Turkey a Canary in the Emerging Market Coal Mine?Read More
Yen Gains Ground as Greenback Loses Luster
The Japanese yen has posted losses in the Friday session. In the North American session, USD/JPY is trading at 110.45, down 0.40% on the day. On the release front, Preliminary UoM Consumer Sentiment disappointed, dropping from 97.1 to 95.3 points. This missed the forecast of 98.1 points. There are no Japanese events on the schedule. …
Australia & New Zealand Weekly: Inflation Expectations Might be Anchored Despite the Official 2.5% Policy Target
Week beginning 20 August 2018 Inflation expectations might be anchored despite the official 2.5% target. RBA: Minutes, Governor Lowe and Deputy Governor Debelle speak. Australia: Westpac-MI Leading Index, construction work. NZ: real retail sales. US: Fed Chair Powell speaks at the Jackson Hole Symposium, durable goods orders. Flash Markit PMI’s for Japan, the Euro Area …
Week Ahead – Eurozone PMIs and Japanese Inflation Due; Jackson Hole Summit, Trade Updates & Turkey Could Steal the Show
Upcoming releases in the next seven days are pointing to a relatively quiet August week. Among the few stand-out readings are flash PMI prints out of the eurozone, Japanese inflation figures and US capital goods orders. In addition, the minutes relating to the Federal Reserve and Reserve Bank of Australia’s latest meetings will be made …
Weekly Focus: Political Uncertainty Here to Stay
Market movers ahead In Norway, Q2 GDP growth data is due out on Thursday. The print will reveal whether or not a slowdown has been under way in Norway. Next week, we get preliminary PMIs in Europe, the US and Japan. We do not expect any major new information from either the FOMC or ECB …
Loonie Rallies Hard on Inflation Data
Canadian headline inflation this morning beat market expectations and printed a seven-year high last month, while the measure of core-inflation remained relatively stable. Canada’s CPI rose +3.0% y/y, following a +2.5% rise in June. Market expectations were looking for a headline print of +2.5%. On a month-over-month basis, prices rose +0.5% in July, after advancing …
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