Highlights
Diverging central bank moves impact the FX market
The Fed falsely believes the economy is stronger than it actually is
Buy the dips in uranium!
Negative revisions flag continued loss of economic momentum
While We Were Sleeping
U.S. futures are pointing, yet again, to a modest drop in the Dow and a +0.7% jump in the Nasdaq at the open. The Euro Stoxx 50 has turned in a +0.5% gain at the moment. Asia was predictably mixed: advances in Taiwan (+0.9%), India (+0.4%), Korea (+0.4%) and Japan’s Nikkei 225 (+0.2%); but losses in Hong Kong (-0.5%), Thailand (-0.5%), China’s Shanghai Composite (-0.4%), and Singapore (-0.2%). All in, a wash for Asia-Pacific equities, which finished the session unchanged, and EM equities are on pace to do the same. Bond yields in the U.S. and across the pond have climbed +3 basis points (to 4.25% for the 10-year T-note rate — though this year’s total return loss has pretty well vanished at this point).
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