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KC Fed manufacturing index 10 vs 22 prior
Thu, Sep 23, 2021 3:02 PM
Kansas City area manufacturing data This is a low-tier indicator but it's not a great sign on manufacturing.
Schumer: We have "agreement on a framework" to pay for US reconciliation package
Thu, Sep 23, 2021 2:59 PM
This would be the $3.5 trillion plan Senate Majority leader Chuck Schumer says the White House and Congress have "an agreement on a framework" on the taxes to pay for the reconciliation package, according to reports.
If something can't rally on good news...
Thu, Sep 23, 2021 2:37 PM
Heavy US dollar selling underway When something can't rally on good news, it probably can't rally at all. The US dollar got about the best outcome it could yesterday from the FOMC and Powell. The dots moved up, Powell signaled a taper and even added a little bonus by saying it would wrap up around the middle
Markit Sept US services flash 54.4 vs 55.0 expected
Thu, Sep 23, 2021 1:45 PM
Manufacturing sentiment survey from Markit That's another sign of some moderate slowing in growth. Both indexes is are still comfortably in expansionary territory but those forecasts for strong GDP through year end are dying.
US stocks set for a solid but not spectacular gain
Thu, Sep 23, 2021 1:28 PM
Futures higher I wonder if we'll see the return of the sell-the-open trade today. It's been on hold for a few days with all the Fed and Evergrande news. S&P 500 futures are up 17 points, Dow futures up 200 and Nasdaq futures 32 points above fair value.
Gold spills lower as Treasury yields climb
Thu, Sep 23, 2021 1:17 PM
Bonds in charge US 30-year yields are up 2.6 bps, easing yesterday's post-Fed decline and more. The entire curve is selling off as the market digests the FOMC and the risk mood improves.
Australian dollar challenges the post-Fed high as risk trades pick up again
Thu, Sep 23, 2021 12:59 PM
Positive sentiment percolates as Evergrande news reevaluated There was a hiccup in sentiment after a that Chinese officials had told local governments to be prepared in case of a demise of Evergrande.
US initial jobs claims 351K vs 320K estimate
Thu, Sep 23, 2021 12:30 PM
US initial jobs claims and continuing claims - 332K revised to 335K - Initial jobs claims 351K versus 320K estimate four week moving average
Canada July retail sales -0.6% vs -1.2% expected
Thu, Sep 23, 2021 12:30 PM
Canada July 2021 retail sales and the preliminary August estimate Food and beverage stores (-3.4%) are mostly grocery stores and fell as restaurants opened while building material and garden equipment and supplies dealers (-7.3%) fell as lumber prices peaked and
BP says it may have to ration UK petrol deliveries, cites transportation difficulties
Thu, Sep 23, 2021 12:23 PM
One problem after another There's no bigger environmentalist than me but cutting off investment in fossil fuels why the world is using as much oil and gas as ever is only going to lead to more of what we're seeing in Europe at the moment.
ForexLive European FX news wrap: Risk rallies but kept in-check, BOE spurs pound gains
Thu, Sep 23, 2021 12:02 PM
Forex news from the European trading session - 23 September 2021 Headlines: Markets: - CAD leads, JPY lags on the day - European equities higher; S&P 500 futures up 0.6%
BOE in a tough spot ahead of today's policy decision
Thu, Sep 23, 2021 10:40 AM
A quick preview on what to expect from the BOE No rate changes are expected and in light of the latest PMI readings earlier today, odds are that we are going to see the BOE stick with the status quo in today's meeting.
Chinese authorities warn local governments to prepare for Evergrande downfall - report
Thu, Sep 23, 2021 10:15 AM
And back the other way we go Adding that the actions are being ordered as "getting ready for the possible storm" and that local governments agencies and state-owned enterprises have been called to only step in at the very last-minute should Evergrande fail to get things in order.
China said to have given Evergrande instructions to avoid near-term default on dollar bonds
Thu, Sep 23, 2021 9:20 AM
Risk loving the headlines here Chinese financial regulators are said to have issued a broad set of instructions to Evergrande, telling the company to focus on completing unfinished properties and repaying individual investors while avoiding a near-term default on dollar bonds.
Citi says that natural gas prices could quadruple from current levels in a chilly winter
Thu, Sep 23, 2021 8:43 AM
Citi argues that natural gas prices could surge to $100 per mmbtu in the event of a frigid winter The firm has more than doubled its forecasts for natural gas prices in Asia and Europe, warning that things are about to go wild in the energy market this winter:
UK September flash services PMI 54.6 vs 55.0 expected
Thu, Sep 23, 2021 8:30 AM
Latest data released by Markit/CIPS - 23 September 2021
Quick take: Euro area economic growth momentum wanes towards the end of Q3
Thu, Sep 23, 2021 8:10 AM
The PMI readings today disappointed to the downside The key thing that stands out from the reports above is that supply bottlenecks are continuing to weigh on manufacturing output heavily (most pressing concern for Germany) and high cost/inflation pressures are still ever present at the end of Q3.
Eurozone September flash services PMI 56.3 vs 58.5 expected
Thu, Sep 23, 2021 8:00 AM
Latest data released by Markit - 23 September 2021 "On one hand, some cooling of growth from the two-decade highs seen earlier in the summer was to be expected. On the other hand, firms have become increasingly frustrated by supply delays, shortages and ever-higher prices for inputs. Businesses, most notably in manufacturing but also now in the service sector, are being constrained
Germany September flash manufacturing PMI 58.5 vs 61.5 expected
Thu, Sep 23, 2021 7:30 AM
Latest data released by Markit/BME - 23 September 2021 Of note, the manufacturing output index fell to a 15-month low as supply bottlenecks and capacity constraints continue to weigh on the sector. Markit notes that:
France September flash services PMI 56.0 vs 56.0 expected
Thu, Sep 23, 2021 7:15 AM
Latest data released by Markit - 23 September 2021 - Prior 56.3 - Manufacturing PMI 55.2 vs 57.0 expected - Prior 57.5 - Composite PMI 55.1 vs 55.8 expected The French growth momentum continues to lose steam with the services and composite readings marked down to a five-month low. Meanwhile, supply bottlenecks weighed on manufacturing activity, pushing that to an
European equities buoyed at the open today
Thu, Sep 23, 2021 7:06 AM
A higher open across the board Solid stuff from European stocks as they look to continue the momentum over the past two days. Suddenly, the Monday drop feels like a distant memory.
Spain Q2 final GDP +1.1% vs +2.8% q/q prelim
Thu, Sep 23, 2021 7:00 AM
Latest data released by the National Statistics Institute - 23 September 2021 here
France's Le Maire says not concerned about inflation
Thu, Sep 23, 2021 6:59 AM
Remarks by French finance minister, Bruno Le Maire We'll see if their remarks will evolve if things continue down this path in the months ahead.
Eurostoxx futures +0.7% in early European trading
Thu, Sep 23, 2021 6:07 AM
The positive vibes continue in early trades This carries over the more optimistic mood in Asia, with the Hang Seng seen up 0.9% and Shanghai Composite up 0.4% as Evergrande fears are soothed for now at least.
Trade ideas thread - European session 23 September 2021
Thu, Sep 23, 2021 5:59 AM
Daily thread to exchange ideas and to share your thoughts US futures are up 0.3% and that is keeping the overall mood steadier ahead of Europe. The dollar is little changed for the most part, only trading a touch lower against the euro, pound and loonie so far on the day.