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Tag Archives: France

The Greenback Firms to Start the New Week, Stocks Slide

Overview:  The busy week is off to a slow start as Japan is on holiday and the UK and Canadian markets are closed to honor Queen (Australia will commemorate with a holiday on Thursday). Nevertheless, the sell-off in equities continues and the US dollar is firm. Most of the large markets in Asia fell. India is a notable exception. Its benchmark rose for the first time in four sessions, helped by bank shares and Infosys. Europe’s Stoxx 600 is off for the fifth...

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US Holiday Facilitates Consolidative Tone

Overview: Most equity markets in the Asia Pacific region lost ground today. China’s Shenzhen, Hong Kong, and India were notable exceptions. The MSCI Asia Pacific Index is at its lowest level since June 2020. Europe’s Stoxx 600 is forging a base ahead of 4000 and is trading quietly with a small upside bias. The French stock market lagging after Macron lost his parliamentary majority, is raising questions about his reform agenda. US equity futures are firm, but the...

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Dollar Jumps, Stocks and Bonds Slide

Overview: The prospect of a more aggressive Federal Reserve policy has spurred a sharp sell-off in global equities and bonds and sent the dollar sharply higher. The large Asia Pacific bourses were off mostly 2%-4%. Europe’s Stoxx 600 is off 2.2%, its fifth consecutive losing session. US futures are off also. The NASDAQ was down 3.5% before the weekend and the S&P 500 fell 2.9%. The dollar rocks. The Scandis and Antipodean currencies are bearing the brunt and are...

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China’s Covid Sends Commodities Lower and helps the Dollar Extend Gains

Overview: Fears that the Chinese lockdowns to fight Covid, which have extended for four weeks in Shanghai, are not working, and may be extended to Beijing has whacked equity markets, arrested the increase in bond yields, and lifted the dollar. Commodity prices are broadly lower amid concerns over demand. China’s CSI 300 fell 5% today and Hong Kong’s Hang Seng was off more than 3.5%.  Most of the major markets in Asia Pacific were off more than 1%. Europe’s Stoxx 600...

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The Yen Bounces after 13-Day Slide and BOJ Defends Yield Cap

Overview: The record-long yen slide has stalled just shy of JPY129.50, even though the Bank of Japan defended its Yield-Curve Control cap on the 10-year bond and will continue to do so for the next four sessions. The greenback fell to almost JPY128 before steadying. China again defied expectations for lower rates (loan prime rate), the yuan’s sell-off accelerated and slide to its lowest level since last October. Chinese and Hong Kong shares fell, but most of the...

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Binance Sets up at Paris’ STATION F to Develop the Web.3 Ecosystem in Europe

Binance, a global blockchain ecosystem and cryptocurrency infrastructure provider, announced the opening of its space in at the startup campus STATION F in Paris. This opening is part of the Objective Moon programme announced last November by Changpeng Zhao “CZ”, Founder and CEO of Binance. This programme poured in a €100 million investment in France to make the country the heart of the European crypto community. CZ said that Binance is committed to build and...

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Swiss Blockchain Startup Wecan Chooses France for Its Expansion

Wecan Group SA, a Swiss Blockchain software provider used  Swiss private banks, is favoring an expansion in France for its internationalization. Behind this choice: an investment from Michel Reybier, owner of La Réserve hotels, and a selection in the Swave program, an initiative of the French government to attract the most promising fintechs in France. 100 billion is the amount of assets under management of independent asset managers using the Wecan Comply platform....

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As The Fed Seeks To Justify Raising Rates, Global Growth Rates Have Been Falling Off Uniformly Around The World

Sentiment indicators like PMI’s are nice and all, but they’re hardly top-tier data. It’s certainly not their fault, these things are made for very times than these (piggy-backing on the ISM Manufacturing’s long history without having the long history). Most of them have come out since 2008, if only because of the heightened professional interest in macroeconomics generated by a global macro economy that can never get itself going. What PMI’s do have going for them is...

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FX Daily, November 9: Falling Yields Give the Yen a Boost

Swiss Franc The Euro has risen by 0.09% to 1.0587 EUR/CHF and USD/CHF, November 9(see more posts on EUR/CHF, USD/CHF, ) Source: markets.ft.com - Click to enlarge FX Rates Overview: Reports that the Fed’s Brainard was interviewed for the Chair helped soften yields a bit, not that they needed extra pressure, on ideas she is more dovish than Powell. In turn, the lower yields saw the yen rise to its best level in nearly a month and led the major currencies higher...

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Soaring Energy Prices Lift Yields, Weigh on Equities and the Greenback Pops

Overview: Rising energy prices and yields are helping lift the US dollar and weighing on equities.  November WTI has pushed above $76, while Brent traded above $80, and natural gas is up for the fourth consecutive session, during which time it has risen by about 25%.   The US 10-year yield has surged to almost 1.53%, up more than 20 bp since the middle of last week. Near 32 bp, the US 2-year yield is at a new 18-month high. European yields are 3-5 bp higher, with...

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