Dismal Philly Fed survey spooks US markets
FX Trader, Loonieviews.net
Summary: December's US Durable Goods print was lukewarm, but the latest jobless claims data sounded a positive note. Into today's New York bell, however, it seems as though a dismal miss from the Philadelphia Fed Manufacturing Survey was the release that moved sentiment lower.
The picture was a little different on the equities front, however, as the weaker than expected US figures snapped a nascent rally on Wall Street. Equity futures pointed to a positive open in early New York trading, but sentiment turned negative after the data dump. It is still very early in the session, though, and the declines are modest.
December Durable Goods Orders were lukewarm. The headline increase of 1.2% was better than the upwardly revised November result of 1.0% but below forecasts for a 1.5% gain. It is the second consecutive increase but still not enough to recover from October's 4.3% plunge. Excluding transportation, Durable Goods Orders rose 0.1%. (forecast 0.3%, month-on-month).
USDCAD traders would be wise to take note as China is furious with Canada over its arrest of Huawei CFO Meng Wanshou.
Eurozone trade issues are sure to cause a kerfuffle as there are reports that President Trump has what he needs to impose tariffs on the import of EU cars. A “no-deal Brexit is another issue. The risk of GBPUSD instability could trigger a massive shift into risk aversion trades, and so could escalating Russia/US tensions over missile deployments.
Quarterly Outlook Q2 2022
Quarterly Outlook Q2 2022: The End Game has arrived
- Shocks from covid and the war in Ukraine have forced the global financial and political world to change, but what will the end game be?
Energy crisis could turn energy stocks into secular winnerWith long-term expected returns for the global energy sector close to 10%, we look at 40 stocks that could be set to cash in.
The great EUR recovery and the difficulty of trading itIf the terrible fog of war hopefully lifts soon, the conditions are promising for the euro to reprice significantly higher.
Tight commodity markets – turbocharged by war and sanctionsWith supply already tight, commodities keep powering on. But will it last for yet another quarter?
Between a rock and a hard placeGeopolitical concerns will add upward price pressures and fears of slower growth, while volatility will remain elevated.
The Great ErosionInflation is everywhere and central banks try to combat it. But will they get it under control in time?
Australian investing: Six considerations amid triple Rs: rising rates, record inflation and likely recessionWhile global financial markets are struggling in an uncertain world, the commodity-heavy Australian ASX index is poised to keep a positive momentum.
Cybersecurity – the rush to catch up with realityWith the invasion of Ukraine, governments and private companies are rushing to reinforce their cyber defenses.