University Of Michigan

Asian Stocks Smash Records; Dollar Slides As Crude Surges To July 2015 Highs

Global shares hit another record high on Wednesday, propelled higher by what increasingly more call (ir)rational exuberance, and investors’ unflagging enthusiasm for tech stocks, even as the yield curve continued to flatten. Meanwhile, oil jumped to 2.5 year highs pressuring yields as the dollar slid to a one month low.

Key Events In The Coming Holiday-Shortened Week

It's a relatively quiet, holiday-shortened week, with volumes expected to grind lower as we head into the Thanksgiving holiday. Key economic releases are the FOMC minutes and the durable goods orders report, both on Wednesday. There is one speaking engagement with Chair Yellen this week.

Key Events In The Coming Week: Taxes, Inflation, Yellen, Draghi, Kuroda And Brexit

This week’s economic calendar features several key data releases and Fedspeak. The main data release in US include: CPI inflation, retail sales, industrial production, housing data and monthly budget statement.Away from the data the ECB’s Draghi, Fed’s Yellen, BoE’s Carney and BoJ’s Kuroda are all scheduled to participate on a policy panel hosted by the ECB.

S&P Futures Slide After Chinese Stock And Bond Rout; Spain Rebounds, Dollar Drops

U.S. futures slid 0.2% as investors awaited a barrage of announcements including Wednesday's Fed decision, Friday's jobs report and, most importantly Trump's imminent announcement of who the next Fed chairman will be, although after the latest trial balloons, Jay Powell is now largely priced in, even as they kept a weary eye on the biggest Chinese stock and bond rout in months.

Key Events In The Coming Week: ECB Taper, Q3 GDP And Durables

The main even this week will be the ECB's taper announcement on Thursday where consensus expects the ECB to announce a QE extension of €30bn per month for 9 month until Sep-18, with potential extension after. Net purchases between now and Dec-17 will continue at €60bn per month as planned. To cope with rate hike expectations, the ECB is also expected to strengthen forward guidance.