The Weekly Bottom Line: Recovery Risks Stalling Out as Pandemic Worsens
U.S. Highlights A tug of war between encouraging vaccine news and hopes of new economic stimulus, and early indications that the recovery might be stalling, is fueling financial market volatility. Jobless claims rose to 1.42 million last week after declining...
Forward Guidance: Near-Term Canada-US Growth Trends Diverging?
The US will almost certainly report an unprecedented decline in Q2 GDP in the week ahead – we are expecting a 35% annualized drop in the quarter. But the economic backdrop looked decidedly less-bad at the end of the quarter...
Week Ahead: Earnings Galore
10% of companies in the S&P 500 will release earnings this week. Big tech names, such as AAPL, FB, AMZN, and GOOG, will also continue to roll out results. We will also finally get our first look at the one...
Week Ahead – Fed Meets as Virus Storm Worsens; US and Eurozone Set for Historic GDP Collapse
As US politicians squabble over the next fiscal stimulus bill and the country’s virus death toll ticks up again, markets may lean on the Federal Reserve next week for a quick fix. The Federal Open Market Committee (FOMC) meeting will...
USD/CAD Steady ahead of Manufacturing PMI
It has been a sleepy Friday for USD/CAD. Currently, the pair is trading at 1.3425, down 0.13% on the day. There are no Canadian events on the schedule. US Manufacturing PMI eyed US manufacturing has been hit hard in the...
Asia Morning: Tech Shares Lead US Market Sell-off
On Thursday, U.S. stocks encountered a sell-off. The Dow Jones Industrial Average fell 353 points (-1.31%) to 26652, the S&P 500 dropped 40 points (-1.23%) to 3235, and the Nasdaq 100 slumped 290 points (-2.67%) to 10580. Nasdaq 100 Index:...
European PMIs: More Good News for the Euro?
With the EU recovery fund deal now in the rear-view mirror, euro traders will turn their sights to the Eurozone’s preliminary PMIs for July, due at 08:00 GMT Friday. Forecasts point to an uptick in all indices, reflecting the smooth...
Stock Rally Despite Mixed Corporate Earnings
US stocks have returned to growth after a wobbling session on Wednesday. During the turbulent session, investors focused on mixed quarterly reporting and the debate over further stimulus. The benchmark S&P 500 index rose 0.62%, and Dow added 0.57%. Nasdaq...
EUR/USD Hits 21-mth High on Summit Success
The euro continues to make inroads against the US dollar. EUR/USD gained 1.1% last week and has added another 1.4% so far this week. Earlier on Wednesday, the euro tested the 1.16 level for the first time since October 2018....
US-China Tensions Resurface Putting A Wrench To Recent Risk-On Sentiment
Notes/Observations Geopolitical Tensions simmer after China stated the US ordered it to close its consulate in Houston citing issues over intellectual property Asia: Japan July Preliminary PMI Manufacturing 42.6 v 40.1 prior (15th straight contraction) Australia Jun Preliminary Retail Sales...
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