Featured Market Snapshot
Last week's markets left investors looking to economics for clues; Italy faced up to the EU; China's trade surplus ballooned
September’s jobs report came in strong by most measures; India’s energy bill was made worse by a weak currency; USMCA is the new NAFTA
Italy's newest budget defied European Union rules; Argentina and the IMF made yet another deal; the Fed hiked rates while the U.S. economy continued to grow
Job growth casts a favorable light on the FOMC's upcoming rate decision; Theresa May's "Soft Brexit" had a hard landing in Austria; China's individual investors have been moving toward money market funds.
U.S. inflation took a brief breather in August; the ECB added some encouraging words to its unchanged stance; Russia's central bank made a normal, if unexpected, rate hike to stave off future inflation.
The FOMC took a hawkish tone at its most recent meeting; U.S. home sales slowed somewhat but builders stayed optimistic; China's latest economic stats for Q3 were released; Italy's budget conflict with the EU took a time-out.
The August jobs report came in with strong headline figures, spooking bond markets already nervous about other signs of growth; Eurozone growth had a solid summer; Argentina and Turkey followed their own paths toward recovery
The countries with the two worst-performing currencies in 2018 are taking very different paths to resolving their challenges; Italy added a second budget conflict to its agenda.
Signals came from both Jackson Hole and Beijing that the greenback might have risen enough, at least for now; Mexico and the U.S. haven’t yet come to an agreement on the level of non-U.S. investment in Mexico’s oil patch.
Turkey's troubles are both significant and specific to its own status; Argentina made some moves, but markets were not impressed; U.S. household borrowers showed discipline in Q2.
Turkey's currency crisis spread to European financials, as resolution remained elusive; U.S. consumer prices strengthened; China's central bank reiterated its policy stance in its latest quarterly report.
July's employment report showed growth continuing; the Fed sounded optimistic about growth in its latest statement; the UK's rate rise was about normalization, not Brexit; China took some market-based steps in the currency market.
The U.S. economy grew 4.1% in Q2, supported by consumer spending and exports; growth and moderate inflation in the Eurozone continued to make progress; Brexit hit yet another roadblock as the deadline loomed larger.
The Fed's Beige Book gave a glimpse of the future impact of the labor shortage – and the trade conflicts; copper prices showed the impact of possible future trade weakness on today's demand; the UK and the EU get down to business on finding a workable compromise on a post-Brexit border in Ireland.
U.S. workers are getting raises the old fashioned way – by changing jobs; Mexico's new president-elect has had the apparent backing of financial markets so far; China's currency policies remained unchanged in the face of strong external pressure on trade.
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