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Tag Archives: Germany

US CPI ahead of FOMC Outcome Tomorrow

Overview: The dollar softer against the G10 currencies ahead of today’s CPI report and the FOMC meeting the concludes tomorrow. Emerging market currencies are most mixed. The Hungarian forint leads the complex with around a 1% gain on news of a preliminary deal struck with the EU. The South African rand is the worst performer, off around 0.8%, as impeachment proceedings against Ramaphosa proceed. Global equities are mostly higher today after the strong advance seen...

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Political Developments Overshadow Economics

Overview: There is nervous calm in the capital markets today.  The weakness of US shares yesterday is taking a toll today. An exception in the Asia Pacific region is the Hang Seng and the index of mainland shares that trade there, which up around 3.5% today on thUe easing of some Covid protocols.  Europe’s Stoxx 600 is off for a fifth day, its longest losing streak in nearly two months. US futures are posting minor gains. Benchmark 10-year yields are mostly little...

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Risk Appetites Challenged after US Equities Tumble

Overview: The sharp sell-off of US stocks yesterday as sapped the risk appetite today. Equities are being sold. Hong Kong and the index of mainland shares that are listed there led the regional decline with 3.2%-3.3% losses. Europe’s Stoxx 600 is off about 0.65% in late morning turnover, the fourth day of losses. US futures are trading with a lower bias as well. European 10-year bonds are mostly 1-2 bp firmer. The US 10-year Treasury is practically flat at 3.53%....

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Yesterday’s Dollar Recovery Questioned Today

Overview: The 11 bp jump in the 10-year US yield yesterday after dropping nearly 26 bp in the previous three sessions, helped the greenback recover and took a toll on stocks. Still, the S&P 500 is above the low set on November 30 (~3939) before Fed Chair Powell’s talk that day. Global equities were dragged lower today. Most large bourses in the Asia Pacific region fell, including Hong Kong’s Hang Seng and the index of mainland companies that trade in Hong Kong....

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The State of the German Blockchain Ecosystem

Despite a global venture capital (VC) pullback, shrinking valuations and public market turmoil, Germany’s blockchain VC funding market remained stable this year, with companies in the space securing a total of US$218 million across 20 deals year-to-date (YTD), just US$37 million short of 2021’s US$255 million, a new report by CV VC, a Swiss VC and private equity firm specialized in cryptocurrency and blockchain solutions, shows. The German Blockchain Report, released...

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Attention turns to US Jobs while the Yen’s Surge Continues

Overview:  There have been significant moves in the capital markets this week and participants are turning cautious ahead of the US employment report. After the US equity market rally stalled yesterday, nearly all the Asia Pacific bourses fell today. The strength of the yen (~3.8% this week) has weighed on Japanese equities (Nikkei -1.8% this week) and spurred the BOJ to buy ETFs today for the first time in five months. Europe’s Stoxx 600 is nursing a small loss as...

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China Steps away from the Abyss and Animal Spirits are Rekindled

Overview: Chinese officials using the carrot and the stick have succeeded in dampening the protests and easing some anxiety and rekindled the animal spirits. Hong Kong’s Hang Seng rallied 5.25% and its index of mainland shares surged 6.20%. South Korea and Taiwan indices gained more than 1%. Among the large bourses, only Japan failed to advance. Softer than expected Spanish and German inflation may also be helping the Stoxx 600 recoup around half of yesterday’s...

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Bitpanda Receives Full Crypto Custody and Trading License in Germany

Austrian crypto platform Bitpanda has received a full operating license from the German Federal Financial Supervisory Authority or BaFin for the custody and proprietary trading of crypto assets. Bitpanda claims to be the first European retail investment platform to obtain the license which was introduced by BaFin in 2020, allowing it to actively market and offer services in the German market. Founded in 2014, Bitpanda now has nearly four million investors on its...

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Dollar Jumps, while Surge in Covid Cases Raise Questions about China’s Pivot

Overview: Surging Covid cases in China and Hong Kong are undermining hopes of a Covid-pivot and the US dollar is broadly higher. Equities are under pressure to start the week. Most of the large bourses in the Asia Pacific but Japan, fell earlier today. Europe’s Stoxx 600 is paring last week’s minor gain, which was the fifth consecutive weekly rise. US stock futures are lower, while the 10-year US Treasury yield is flat near 3.83%. European yields are mostly around...

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It is not So Much about the Fed’s hike Today but the Forward Guidance

Overview: A consolidative tone has emerged ahead of the outcome of the FOMC meeting later today. The focus is not so much on the 75 bp rate hike, but on its forward guidance. Many expect the Fed to signal it will return to a 50 bp move next month, but we are not convinced that it will go beyond indicating that 50 bp or 75 bp will be debated in December, depending on the data. The market has a 5% terminal rate discounted. The Fed does not need to validate it now....

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