Markit

FX Week Ahead: Jackson Hole, And A Chance For Yellen To Fend Off Some USD Bashing

Coming off a mixed week for the USD, traders focus their attention on the Jackson Hole symposium which starts on Thursday, running through to Saturday.  Within this, Friday's address by the Fed chair will take centre stage, and for all the 'will she, won't she' talk about monetary policy, the market will be hanging on Janet Yellen's words, as the third rate hike for 2017 remains in the balance. 

Global Market Rout Spreads: VIX Marches Higher As China Stocks, Currency Plunge

The global rout resulting from tensions over the North Korean nuclear standoff continued on Friday following a third day of escalating verbal exchanges between Trump and Kim, with European and Asian shares tumbling as volatility across the globe spiked, with the selloff in US futures continuing albeit at a more modest pace.

World Markets Slide Spooked By Latest N.Korea Statement; Dollar, Gold, Oil Jump

European and Asian market and S&P futures have resumed their slide, as geopolitical tensions between North Korea and the U.S. spiked again overnight after Pyongyang responded to the latest set of warnings by Trump, revealing a plan to fire 4 ballistic missiles at Guam by mid-August. Gold gains for a third day while Brent rose above $53.

Futures Flat As Payrolls Loom, Dollar Slide Continues

It took stocks only a few minute to "price in" the latest political shock out of Washington, with the Emini trading 0.07% higher this morning on news that Mueller now has a grand jury, while European and Asian shares are little changed as investors await the looming July jobs report.

July Payrolls Preview: Smooth Sailing But Watch Out For Cars

At 8:30am on Friday, the BLS is expected to announce that in July the US created 180K jobs, down from 222K in June though still in line with the 6-month average of 180K, with the biggest downside risk a slowdown in durable manufacturing payrolls as auto production slumped.

Frontrunning: August 3

  • Bank of England, staying on hold, hints again at 2018 rise (Reuters)
  • Angry and inspired: Democrats train new wave of candidates (Reuters)
  • Is Gary Cohn a Good Pick to Head the Fed? (BBG)
  • Russia Warns of Worsening U.S. Ties, Criticizes Trump ‘Weakness’ (BBG)
  • Russians Portray Washington as Mired in Chaos (WSJ)

Tech Stumble Drags Global Markets Lower; All Eyes On The BOE

E-mini futures are fractionally lower this morning (0.08%) after Apple's surge helped the DJIA climb above 22,000 for the first time on Wednesday; Global shares declined for the first time in 4 days pressured by tech stocks: Asian shares fell, while Europe pared opening losses to trade unchanged.

Manufacturing Surveys Signal Economy "Still Stuck In Low Gear" Amid Collapse In 'Hard' Data

After hitting a 9-month low in June, Markit's US Manufacturing PMI bounced to 53.3 in July with new orders, output, and employment rebounding. In a China-esque moment, ISM disappointed, modestly dropping to 56.3 with prices paid surging and new orders tumbling. All of this uncertainty is happening as 'hard' data in the American economy is collapsing.

Dow Set To Open Above 22,000 As Global Stocks Levitate Higher

Welcome to August: you may be surprised to learn that S&P 500 futures are once again levitating, higher by 0.3%, and tracking European and Asian markets, with DJIA futures higher by over 100 points this morning, the Dow Jones is set to open above 22,000, a new all time high as Asian stocks hit a new decade high.

S&P Futures Bounce As VIX Hammered, Europe "Euphoric"

After sliding to 3 month lows on "car cartel" concerns yesterday, European stocks have rebounded after three days of declines, while oil extended gains after Saudi export cuts, with Brent rising above $49 and WTI just shy of $47. Asian stocks fell while S&P futures rose 0.2% to 2,473, helped by a tumbling VIX which was hammered early by 3% in early Tuesday trading, down to 9.17.

Manufacturing Rebound Sends US PMI To 6-Month High (As European PMI Hits 6-Month Low)

Following Europe's PMI slump to six-month lows this morning, US Composite PMI rose to a six-month high, with Manufacturng surprising to the upside (4-mo high). The stronger PMI reading was supported by accelerated growth in output, new orders, employment and stocks of inputs during July, but the principal weak spot in the economy remained exports, with foreign goods orders dropping.