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MacroBusiness Access Subscriber Only Content at 8:30 am on July 16, 2021 | 4 comments Risk markets continue to swing from hope to fear with the latter ruling again overnight without any obvious catalysts. Both European and US stocks fell back around 1% or so with commodities equally mixed as oil dropped 2% while industrial metals lifted. The USD rebounded after falling back midweek while bond yields also fell back to their weekly lows as Fed Chair Powell re-iterated the Fed’s stance to the Senate overnight. Bitcoin’s deflation continued with a return to the $31K level yesterday that has i...

MacroBusiness Access Subscriber Only Content at 8:31 am on July 14, 2021 | 1 comment Last night saw an unexpected turn in so-called transitory inflation with the US June print soaring higher while German inflation was characteristically on track as expected. The latter saw European stocks trend sideways while the former saw Wall Street fall back from its usual trend of new record highs. Treasury yields pushed higher not helped by weaker auction results while the USD lifted across the board against the majors although gold managed to hold on above the $1800USD per ounce level. Bitcoin continue...

MacroBusiness Access Subscriber Only Content at 9:00 am on July 13, 2021 | 2 comments Friday night’s rally on Wall Street caused Asian stocks to rebound yesterday and overall risk sentiment rised in response overnight with European stocks lifting the most, yet Wall Street still put in another new record high.  Treasury yields pushed slightly higher but still remain near their yearly lows while currency markets were relatively quiet given the lack of economic releases. Oil prices moderated while gold whipsawed around the $1800USD per ounce level. Bitcoin came out of the weekend gap with a b...

MacroBusiness Access Subscriber Only Content at 8:30 am on July 12, 2021 | 8 comments A risk off situation was brewing across stock markets at the end of last trading week but a rally on Wall Street, seemingly without catalyst as seen confidence return across the board. Treasury yields pushed slightly higher but still remain near their yearly lows while the USD pulled back against everything except Yen as safe haven buying abated. Oil prices spiked up 2% again while gold made another new daily high above the former $1800USD per ounce level. This should give beleaguered Asian shares a small bo...

MacroBusiness Access Subscriber Only Content at 9:00 am on July 9, 2021 | 1 comment A risk off situation is brewing across stock markets as bond yields drop back to new lows as sentiment around continued COVID outbreaks weighs heavily. Wall Street dropped nearly 1% while European stocks fell nearly 2% as the ECB changed its inflation target regime, with Euro spiking although USD remains strong against the commodity currencies, but Yen safe haven buying accelerated. Treasury and Australian 10 year yields returned to their February lows with commodity prices again quite mixed as oil prices came...