University Of Michigan

Global Stocks, US Futures Rebound As Oil Rises, Dollar Drops

Stocks across the board, and US equity futures are broadly in the green this morning as markets shrug off the terror-related events in the NYC area over the weekend.  There wasn’t a single positive “reason” for the green price action but fears about the bond “tantrum” appear to be fading while a stronger dollar helped push oil and the commodity complex higher.

If "Everything's So Awesome", Explain This

It appears the American People are losing faith in the American Dream as no matter how much the American President tells the paeons that everything is awesome, they are just not buying it. In fact, according to the latest survey by the University of Michigan, the percentage of US consumers who are 'uncertain' about the the economy has never, ever been higher...

US Futures; Euro Stocks Slide On Deutsche Bank Liquidity Fears; Bonds Bid

Following yesterday's paradoxical US stock surge catalyzed by a bevy of bad macroeonomic news, the overnight session has seen some good old "risk off" mood which hit European shares as a result of the previously reported $14 billion DOJ claim against Deutsche Bank, which sent Europe's biggest bank tumbling, dragging the banking sector lower, while a continued drop in the price of oil pushed energy companies lower.

Key Events In The Coming "Fed Blackout" Week

The spotlight turns to US data and Fed speakers ahead of the Fed blackout period this week. The BoE and SNB meet to decide policy but consensus expect no change from either. Elsewhere we get inflation data from the US, UK, Sweden & EZ (F), Q2 GDP from NZ & SW and labor market data from the UK & AU.

"Global Market Rout" - Bond Selloff Snowballs Into Stock Liquidations On "Stimulus Pullback" Fears

With traders in the US arriving at their desks, the global selling appears to be accelerating and as Bloomberg notes, "a selloff in fixed income is starting to snowball into a global market rout" driven by what Reuters dubbed "growing concerns that global central banks' commitment to the post-crisis orthodoxy of super-low interest rates and asset purchase programs may be waning."

St. Jude Sues Short-Seller Muddy Water For "Conspiracy, False Statements And Manipulation"

Two weeks after prominent short seller Carson Block's Muddy Waters revealed his latest short thesis, i.e., shorting St. Jude Medical, due to alleged cybersecurity vulnerabilities, moments ago the healthcare firm retaliated in a way that is certain to raise many eyebrows: it announced that it has filed a lawsuit against Muddy Waters and MedSec Holdings "for false statements, false advertising, conspiracy and the related manipulation of the public markets."

Global Stocks Slide, Futs Flat; Commodities Down On Stronger Dollar As Hike Odds Reprice Higher

The dollar index rose to a two-week high on Monday, while bond yields jumped to their highest since June and global stocks sold off after senior Federal Reserve officials indicated a U.S. interest rate increase was on the cards in the near term. The Fed effect - and the stronger dollar - reverberated through markets, pressuring stocks in Europe and emerging markets, pushing oil below $47 and the commodity complex lower.

With Janet Yellen Just Hours Away, Directionless Markets Wait For A Signal

With Yellen's much anticipated speech just hours away, the already comatose market flatlined overnight in another directionless session, with European stocks and US equity futures practically unchanged, while Asian shares to a two-week low, led by Japan, as investors showed a reluctance to take on risk before Yellen’s speech. The dollar was a tad lower, along with oil which is set for its first weekly drop in a month. 

Jackson Hole Looms: The Main Events In The Coming Week

The key economic releases this week are new home sales on Tuesday and durable goods on Thursday. However, the main event in what is one of the slowest summer weeks, will be the Jackson Hole symposium starting this Friday, where focus will be on Yellen's speech who will be scrutinized to see if she can bring the Fed's message back on track after several conflicting statements by Fed speakers in recent weeks.

US Futures Fall, European Stocks Rise As Stronger Dollar Sends Oil Lower

European stocks rose and US S&P futures fell after the dollar strengthened following the latest hawkish comments from Fed vice-chair Stanley Fischer signalled that a 2016 rate hike is still being considered and again boosted speculation that US rates will rise this year. The rising dollar pressured commodities and notably oil, which dropped 2% breaking a 7 days stretch of increases; emerging markets retreated. 

Don't Show President Obama (Or Hillary Clinton) This Chart

If "everything is awesome" as Hillbama proclaim (though there is more work to be done...) and stocks are backed by the "strength of the economy," then why are Americans' views of their financial prospects crashing to their lowest since 2014...?

Preview Of Key Events In The Coming Week

The coming week brings multiple macro data releases for July, including inflation, trade data, retail sales, IP, credit and money supply. A relatively light US data calendar next week with retail sales the main release on Friday but also import and producer prices and Michigan sentiment coming up. Retail sales will be closely watched to assess consumer spending growth for 3Q.