Oil Prices Higher On Renewed Sanction Talks
Oil prices were broadly higher on Monday morning after Iraqi troops advanced towards Kirkuk, an oil-rich region in Kurdistan that recently declared independence from Baghdad. Also fueling the price increase were renewed fears that there will be fresh U.S. sanctions against Iran. The Iraqi national army has already taken control of nearby areas claimed by […]
FX Week Ahead: China GDP And Communist Party Congress
The markets open next week with the focus on China as the 19th Communist Party congress takes place this week. The event, where President Xi is expected to speak comes in a week where inflation and quarterly GDP figures are expected to be released. It will also be a busy week for the British […]
Gold, The Stock Market And The Yield Curve
The yield curve is a remarkably useful leading indicator of major economic and financial-market events. For example, its long-term trend can be relied on to shift from flattening to steepening ahead of economic recessions and equity bear markets. Also, usually it will remain in a flattening trend while a monetary-inflation-fueled boom is in progress. That’s […]
Above The 40 – Stock Market Lift-Off Turns Into Drift
AT40 = 72.0% of stocks are trading above their respective 40-day moving averages (DMAs) – overbought day #12AT200 = 60.1% of stocks are trading above their respective 200DMAsVIX = 9.6Short-term Trading Call: bullish Commentary A week ago I described “lift-off” for an extended overbought period for the stock market. However, the market failed to follow-up as the S&P 500 (SPY) […]
Catalan Crisis Deepens: Puigdemont Refuses To Play By Rajoy’s Rules – EUR/USD Slides
Spanish PM Mariano Rajoy laid down an ultimatum to Catalan President Carles Puigdemont: clarify if you declared independence. If so, Madrid was ready to suspend the autonomy and impose direct rule. The answer came just before the 8:00 GMT deadline but it isn’t a clear binary response. The letter states that the Catalan government is […]
Eric Peters: “This Is The Nightmare Scenario For The Next Fed Chair”
While we will have much more to share from the latest weekend letter by One River’s Eric Peters shortly, we found the following section on inflation vs asset bubbles – a topic which BofA’s Michael Hartnett has been focusing extensively on in the past year and which serves as the basis for the “Icarus Rally” […]
Euro Awaits CPI Release As Last Pit-Stop Before ECB Next Week
Fundamental Forecast for EUR/USD: Neutral – The Euro finished in the middle of the pack last week again, with EUR/USD rising by +0.76% and EUR/GBP losing -0.90%. – According to the CFTC’s COT report, net non-commercial Euro longs rose back to their highest level of the year during the week ending October 10, 2017, and the highest since May 2011. – Retail positioning points […]
The Final Straw For Mallinckrodt?
When it rains it pours for Mallinckrodt (MNK). Last month a Delaware judge invalidated 11 patents pursuant to Inomax, one of the company’s top-selling treatments; it could pave the way for Praxair (PX) to offer a generic version. The Journal of the American Medical Association (“JAMA”) followed that up by questioning the effectiveness of Acthar […]
Startup Nation: The Most Valuable VC-Backed Company In Each US State
by Dana Olsen, PitchBook Nine of the 10 most valuable VC-backed companies in the US are in California-and the other is in New York. This lack of geographic diversity isn’t surprising, but it does mean the other 40-plus states and regions don’t get a lot of attention from the tech community. To highlight startups in […]
Lackluster New Zealand CPI To Undermine NZD/USD Recovery
Fundamental Forecast for New Zealand Dollar: Neutral New Zealand’s 3Q Consumer Price Index (CPI) may undermine the near-term rebound in NZD/USD should the data print encourage the Reserve Bank of New Zealand (RBNZ) to carry the record-low cash rate into 2018. With market participants forecasting an annualized print of 1.8%, a marginal uptick in the headline reading for […]
