The G20 leaders may well endorse a higher ‘growth target’ at their November meeting in Australia, but they will be incapable of agreeing to the monetary/fiscal policy combination that is required to substantially lift aggregate consumer demand and economic growth. Fiscal and monetary policy coor…
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Helicopter money: The best policy to address high public debt and deflation
U.S. auto sales in the third quarter were the best in eight years, but mixed September results from leading automakers on Wednesday indicated the industry’s torrid summer pace is slowing. Industry sales in September rose 9 percent, to 1.24 million vehicles, according to research firm Autodata, ju…
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Torrid U.S. car sales pace slowed in September
Leading multi-asset trading provider of financial derivatives, FXCM, has made significant changes to its Japanese division. FXCM Japan Securities Co, a Japanese regulated financial services firm, reported that it has altered its offerings to retail investors. The firm reported to its clients that it…
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FXCM Repositions Its Strategy for Japan’s CFD Market
France is in for a long and hard bargaining period with its European partners over whether it should be granted an extension on meeting its budgetary targets set by Brussels. On Wednesday, Finance Minister Michel Sapin unveiled a 2015 budget that confirmed that France won’t meet its 3.0% Maastric…
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France In Line For Tough Talks With Brussels Over Deficit
Last summer I had the pleasure of seeing my first play at The Globe – A Midsummer Night’s Dream. Speaking before you tonight reminds me of that special experience. Last summer, as I waited for the play to begin, I was humbled by the history embodied in the theatre and Shakespeare’s legacy as a p…
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Forbes: The economic impact of sterling’s recent moves: more than a midsummer night’s dream
Ray Dalio, head of the world’s biggest hedge fund, told CNBC on Wednesday the Federal Reserve should wait for signs of inflation before it raises interest rates. …
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Fed caution about rate hike right move: Ray Dalio
The European Central Bank meets tomorrow. The focus is on the details of the asset-backed securities and covered bond plan that was announced last month. There are three key issues related to this new initiative: What instruments will be purchased, how much will be bought, and how long will …
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What is the ECB to Do?
Overnight, the USD/JPY pair finally entered the key 110.00-110.65 technical area (see monthly chart in figure 1). The lower end of this range, i.e. 110, is a key psychological barrier while the 110.65 level was the high achieved back in August 2008. Around these levels one would expect to see some…
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USD/JPY hits 110: will the rally pause for breath now?
The Bank of Canada will be forced to renew warnings of the possibility for higher interest rates in order to halt a “bubble” from forming in the housing market, according to Pacific Investment Management Co.’s Ed Devlin. Governor Stephen Poloz’s removal of language about the potential need to rai…
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Pimco says Poloz could be forced to renew rate hike warnings
Results of the Fonterra dairy auction: •Globaldairytrade price index -7.3% •Average price $2,599 •Milk powder prices -10.0% •Milk powder average $2,433
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Fonterra’s global dairy trade price index falls 7.3%, NZD drops
U.S. crude stocks unexpectedly fell last week, while a sharp reduction in refinery runs also curbed gasoline and distillate inventories, data from the Energy Information Administration showed on Wednesday. Crude inventories fell by 1.4 million barrels in the last week, compared with analysts’ exp…
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U.S. crude oil stocks fall even as refiners cut back
The dollar pulled back from six-year highs against the yen to trade little changed on Wednesday, weighed down by a drop in U.S. Treasury debt yields amid weakness in global stocks. Investors also booked profits on long U.S. dollar positions ahead of key event risks – the European Central Bank’s m…
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Dollar falls from 6-year high vs yen as U.S. yields slide
Outlays for U.S. construction projects fell 0.8% in August to a seasonally adjusted annual rate of $961.0 billion, the U.S. Commerce Department reported Wednesday. Economists polled by MarketWatch had expected a 0.5% increase. Looking at private outlays, spending fell 1.4% for nonresidential…
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August construction spending falls 0.8%
Manufacturing (NAPMPMI) cooled in September following the strongest rate of growth in three years as U.S. factories settled into a more sustainable expansion that will spur the economy. While the Institute for Supply Management’s index dropped to 56.6 from 59 in August, the gauge’s average over t…
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Manufacturing in U.S. Cools From Strongest Pace in Three Years
Economic activity in the manufacturing sector expanded in September for the 16th consecutive month, and the overall economy grew for the 64th consecutive month, say the nation’s supply executives in the latest Manufacturing ISM® Report On Business®. The report was issued today by Bradley J. Holco…
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September 2014 Manufacturing ISM Report On Business
September data pointed to another positive month for the U.S. manufacturing sector, with strong rates of output and new orders growth underpinning the fastest expansion of payroll numbers for two-and-a-half years. There were again signs of rising price …
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US manufacturing job creation hits two-and-a-half year high
Companies hired 213,000 workers in September as the labor market continued to strengthen, a private report based on payrolls showed. The gains in employment last month followed a revised 202,000 increase in August, according to the ADP Research Institute in Roseland, New Jersey. The median forec…
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Private Payrolls in U.S. Increased by 213,000 in September
Facing the ever-darkening economic prospects in the euro area, Mario Draghi and his peers at the governing council will face another tough time on Thursday as their efforts in leading the bloc out of the darkness of potential stagflation has not yet borne fruit. Still, no big drama is expected this…
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No Drama up Draghi’s Sleeve: 6 Things to Watch
Private sector employment increased by 213,000 jobs from August to September according to the September ADP National Employment Report®. Broadly distributed to the public each month, free of charge, the ADP National Employment Report is produced by ADP®, a leading global provider of Human Capital…
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ADP: Private Sector Employment Increased by 213,000 Jobs in September
With the European Central Bank (ECB) set to meet on Thursday, currency strategists are weighing up whether to join a crowded trade and short the euro or whether to go long and get comfortable with what has been described as a “seat on the Titanic.” The common currency – shared by the 18 nations…
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Trading the euro: A seat on the Titanic?
