After a more than disappointing reading in ISM manufacturing last Tuesday (47.8 versus 50 median forecast and 49.1 in August), the non-manufacturing gauge received more attention than ever yesterday as market participants struggle to whether the US economy is heading towards a recession...
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Global stocks fell on Wednesday as investors reacted to further signs of an economic slowdown. The immediate catalyst for the decline was the release of weaker US jobs data. September private payrolls rose at the slowest pace in three months and August job growth was revised lower...
Things seem to converge in favor of the Swiss National Bank when it comes to FX valuation. One might wonder why the safe-haven CHF depreciated in the past few days when demand for JPY only increased due to a broad risk-off sentiment...
The September 14 aerial attacks on Saudi oil facilities Abqaiq and Khurais triggered a spike in oil prices, with Brent crude jumping to around USD 69 per barrel...
On the economic data front China Sept manufacturing PMI recovered but remained in contraction territory. An official gauge of China's factory activity manufacturing PMI rebounded to 49.8 in September from 49.5 in August. New export orders, a reliable indicator of external demand, increased to 48...
Risk assets pulled back modestly at the start of the trading week. Political turbulence in US, China, UK and Middle East has come at a time when the global growth outlook appears fragile. Asian equity markets are mixed although skewed slightly to the downside...
Markets are mixed with clear drivers lacking. S&P 500 rebounded marginally on positive trade news. Yet Asian trading has been more tentative. Thursday Chinas top diplomat stated that China was willing to purchase additional US products and trade discussion would yields results...
As was widely expected the Reserve Bank of New Zealand (RBNZ) held the Official Cash Rate (OCR) at 1.00%. The press conference seemed slightly less dovish then past meetings. The language introduced conditionality for providing further easing...
Commodity traders must probably be delighted to notice the steep rise in soybean futures bolstered by the new tariffs waivers granted by Chinese authorities to state and private companies as well as China’s shipment deals amounting to as much as 600’000 tons of US soybeans...
The focus today will be on the UK Supreme Court ruling on whether PM Boris Johnson acted unlawfully when he prorogued parliament. The key point is whether the five-week suspensions of Parliament was an abuse of power or standard political business...
Last weekend’s attack on Saudi Arabian oil production generated a significant crude price spike. While the initial price's highs have moderated slightly crude prices remain elevated...
It seems that market participants have been left unimpressed by the statement of the Bank of Japan, pushing the demand for JPY higher. Without much surprise, the BoJ has kept its short- and long-term interest rates at 0...
As we had expected the SNB held policy rate at -0.75% and reiterated wiliness to intervene in FX markets for benefit of the overvalued franc...
Abqaiq sits at the heart of the Saudi energy system, with most of the oil produced in the kingdom processed there. Saudi Arabia holds nearly 70% of the global spare capacity...
While the position netted a modest gain, we see further profit potential as limited. We now believe the Federal Reserve will be willing to cut rates more decisively than we expected when we adopted the trade in early June because its outlook for US growth has moderated...
It seems to be a rather Dovish bias communicated by the Reserve Bank of Australia in its minutes of the meeting of 3 September 2019...
