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Asian stocks higher on Yellen testimony January 20, 2021SharePrint Asian equities edge higher on stimulus story Incoming Treasury Secretary Janet Yellen made all the right noises as far as Wall Street was concerned at her confirmation hearing overnight. Wall Street responded overnight with a thumbs-up, buying equities and selling the US dollar. They wanted to hear more stimulus, and Ms Yellen delivered 1.9 trillion reasons on that front. The financial markets chose to ignore what they didn’t want to hear. Namely, Yellen’s remarks that taxes would rise on corporations and the rich, and th...

Equities climb on Yellen dovishness January 19, 2021SharePrint Equities move higher on Yellen stimulus tailwinds All eyes are on the confirmation hearing for Janet Yellen, who is expected to be confirmed as US Treasury Secretary. Ms Yellen, the Federal Reserve’s former head, will testify that the US risks a more prolonged recession and long-term damage to the economy if it does not inject more government spending into the economy. The prepared remarks obtained by the FT ahead of Ms Yellen’s testimony today outlined that Ms Yellen feels that with interest rates at historical lows, now is t...

Asian equity markets slide Asia follows Wall Street fall A weak Wall Street close and the Huawei semiconductor ban over the weekend has set up Asia for a soft opening today. Wall Street took fright at poor US Retail Sales data on Friday, highlighting a weakening trend in the domestic sector over the past few months as Covid-19 restrictions undermine the US recovery. Industrial Production once again remained immune to the slowdown, but actually only makes up 10% of US GDP these days, with domestic consumption being 70%. A final nail in the coffin was less than encouraging earnings outlooks for...

Asia stocks boosted by Wall Street January 13, 2021SharePrint Wall Street comeback lifts Asian equities The range-trading nature of this week saw Wall Street rise modestly overnight, mostly because US yields remained unchanged. There is nervousness out there in the equity markets, with its stretched valuations on traditional methodologies. Three Federal Reserve officials spoke overnight, and from what I can tell, all were very dovish. All were optimistic for an acceleration of the US recovery in the second half of the year, and all appeared comfortable with rising inflation. The S&P 500 rose...

Asia stock markets slightly higher January 11, 2021SharePrint Equity markets paint a mixed picture Asian markets had a positive start this morning, but those rallies have quickly given most of those gains back after the US said its ambassador to the UN would meet with Taiwan’s President. Another item garnering market attention was President-elect Biden signalling his intention to spend “trillions of dollars”, notably increasing direct payments to American taxpayers to USD2000.00. As I have touched on previously, the Byrd Rule will make that harder than the markets want to acknowledge u...