Reserve Bank of New Zealand (RBNZ) Governor Graeme Wheeler has done it again; defying expectations to intervene in a market to overcome a problem he couldn’t fix with conventional monetary policy. Fresh from creating a macro-prudential tool to restrict the growth of riskier mortgage lending, Whee…
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What the RBA can learn from the RBNZ
Ben S. Bernanke said the mortgage market is still so tight that he’s having a hard time refinancing his own home loan. The former Federal Reserve chairman, speaking at a conference in Chicago, told moderator Mark Zandi of Moody’s Analytics Inc. — “just between the two of us” — that “I recently …
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You Know It’s a Tough Market When Ben Bernanke Can’t Refinance
In a note to clients today. BNP Paribas addresses the question of how far EUR/could fall from its current levels. Using different macro and technical analytical frameworks, BNPP’ main findings are as follow: The macro model: Using BNP Paribas forecasts for the US and eurozone economies, th…
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How Low Can EUR/USD Go? A Macro-Technical View – BNPP
A gauge of China’s non-manufacturing industries declined to an eight-month low in September, adding pressure on the government to step up stimulus to counter a property downturn. The non-manufacturing Purchasing Managers’ Index dropped to 54.0 from 54.4 in August, the National Bureau of Statistic…
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China’s Services Gauge Declines as Economic Slowdown Deepens
New home sales started to lift in August following a weak July but there’s still an overall downward trend, according to Australia’s builders. The Housing Industry Association (HIA) New Home Sales Report shows a 3.3% increase in new home sales in August. “Despite the August bounce, we still ho…
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New Home Sales Are Easing In Australia
The monetary policy debate on QE3 The FOMC is poised to end its controversial QE3 program this month. Now may be a good time to evaluate the program compared to expectations at the time it was launched. My assessment will suggest that the program has been more successful than the Committee …
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Bullard: The FOMC: Ahead on Results, Behind on Rates
Things could be really different for Europe if they had a number of sovereign central banks and more than one currency. Each nation would have been free to react to its economic weakness and given a kick start to growth. Unfortunately the political Euro experiment is a disaster for medium term ec…
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Mario Draghi disappoints taking stocks lower but buoying the Euro, Yen and Aussie
Antonis Samaras’s ambition to drive Greece out of its rescue program is running into a roadblock. The country’s prime minister might be thwarted by conditions for the European Central Bank’s asset-purchase program, as detailed by President Mario Draghi. Policy makers meeting in Naples yesterday …
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Greek Ambition to Exit Bailout Meets Draghi Roadblock
The seasonally adjusted Australian Industry Group Australian Performance of Services Index (Australian PSI) dropped by 4.0 points to 45.4 points in September. The Australian PSI has now contracted for seven consecutive months (readings below 50 points indicate contraction). The three month mo…
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Australian PSI: Services Sector Drops Further In September
The real action was in the equities markets today, which fell heavily and appear to have more downside to come. Currencies were choppy, after soft manufacturing data from both the EU and the US, but are generally unchanged, with the exception of the Yen which has strengthened following a slide in US…
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Aud off lows ahead of local data today
The British Pound continues to race downward, dropping to a two-week low to test below the 175.00 figure against the Japanese Yen. Near-term support is in the 175.01-35 area, marked by the July 3 high and the 50% Fibonacci retracement, with a break below that on a daily closing basis exposing the 61…
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GBP/JPY Probing Below 175.00 Anew
A cyber attack this summer on JPMorgan Chase compromised more than 76 million household accounts and seven million small-business accounts, making it among the largest corporate hacks ever discovered. The latest revelations, which were disclosed in a regulatory filing on Thursday, vastly dwarf ea…
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JPMorgan Chase Says More Than 76 Million Accounts Compromised in Cyber Attack
The Federal Reserve may go from moving the goal posts to removing them altogether when it comes to setting interest rate expectations. Those goal posts have come in the form of economic numbers—more specifically, 6 percent unemployment and 2 percent inflation—that, if hit, would trigger interest …
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The Federal Reserve is making a major shift in interest rate policy
Hong Kong’s embattled leader has rejected protesters’ calls for him to resign but agreed to talks with a student group involved in mass pro-democracy demonstrations that have paralysed parts of the city. ‘I will not resign because I have to continue with the work for elections,’ Chief Executive L…
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Hong Kong leader offers talks on protest
WTI’s gains evaporated yesterday and the US oil contract was again sold heavily in the first half of today’s session. The sell-off came despite yesterday’s news of a sharp drawdown in US oil stocks and the fact the dollar has weakened a touch, which is probably due to profit taking ahead of the US…
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WTI plunges to new lows, but are oil prices now oversold?
The government’s latest snapshot of the labor market Friday morning is expected to show hiring rebounded in September after a weak August. Economists surveyed by The Wall Street Journal estimate the economy added 215,000 jobs last month, up from the 142,000 created in August. The jobless rate is…
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5 Things to Watch In the U.S. Jobs Report
A high-frequency trader was indicted for “spoofing,” the placing and immediate canceling of orders to manipulate commodities markets, in what the U.S. Justice Department says is the first criminal case of its kind. Michael Coscia, 52, of Rumson, New Jersey, the principal of Panther Energy Trading…
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High-Speed Trader Accused of Commodity Market ‘Spoofing’
Bloomberg reports
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Nowotny said to oppose ECB purchase program at today’s decision
The global economy could be stuck in a weak growth rut for a long time as countries struggle to pull free from a past of high debt and unemployment, the head of the International Monetary Fund said on Thursday. The economic rebound is even weaker than the IMF predicted six months ago, and countri…
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IMF’s Lagarde says global recovery ‘not good enough’
At the beginning of this year, investors hoped that the stock market rally, which pushed up the Standard & Poor’s 500 Index 30 percent in 2013 and 173 percent from its March 2009 low, would continue apace. So they seized on any optimistic data and forecasts to justify their hopes. Their enthusias…
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Warning Flags in the Stock Market
