Beige Book

All Eyes On Draghi: Futures Flat, Euro Surges, Dollar Slides; Yuan Breaches 6.50

S&P futures are flat, still spooked by the WSJ's report that Gary Cohn will not be the next Fed chair, while both European stocks and Asian shares gain in a quiet overnight session in which everyone is looking forward to today's main risk event: the ECB meeting. The dollar continued to weaken against all of its peers with the Yuan breaching 6.50 for the first time since May 2016.

Global Stocks Slide As Geopolitical Headwinds, Hurricanes Grow

Global risk sentiment remained gloomy coming into Wednesday, with global European and Asian stocks sliding on growing concerns about North Korea and political inaction in the US, another hurricane bearing down on the US and the American debt ceiling looming.

The Week's Key Events: All Eyes On The ECB

With the US markets closed today, market events this week will be dominated by G10 central bank meetings, among which the ECB stands out. In the US, the key economic release this week is ISM non-manufacturing on Wednesday, while several Fed officials are scheduled to speak this week.

US Workers' Wage Expectations Unexpectedly Collapse

According to a brand new Fed survey, US workers and job-seekers are so disenchanted with the labor situation, and harbor so little hope for higher paychecks, that even as they increasingly search for new jobs, they not only expect fewer job offers but now expect the lowest "new" paycheck in over two years.

Fed's Beige Book Warns Of Declining Auto Sales, Sees Rising Benefit Costs Limiting Wages

While the Fed's traditionally drab Beige Book is routinely ignored by the market, this time there were several notable highlights in the just released July edition, not least of all the apparent downgrade in the overall economic activity which for the first time described the pace of growth as "slight to moderate" versus its staple "modest to moderate" classification. 

All Eyes On Yellen As Dollar Slumps On Trump Revelations, Stocks Rebound

The dollar was broadly weaker after dovish comments from Fed Governor Lael Brainard amid reverberations from reports of Donald Trump Jr.’s contact with a Russian lawyer; European equities rebounded with oil while S&P futures were 0.2% higher at 2,428 as traders eagerly await Janet Yellen’s Congressional testimony for further clues on the trajectory of monetary policy while the Bank of Canada is expected to hike rates later.

Fed Or Fed? Why One Trader Is Watching Wimbledon Closer Than The Market

Markets have had a quiet start to the week as we await Fed Chair Janet Yellen’s testimony to Congress and then the Fed’s Beige book. While both events have potential to cause some short-term volatility, there’s some historical evidence that investors might be better off watching the other Fed’s performance at Wimbledon.