ECONOMIC NEWS
The Dow could soon join other benchmarks at a record as strong November seasonality kicks in
The S&P 500 and Nasdaq both trade in record territory in the past week, and the Dow could be just days away from its own new high.The Dow’s record high is 27,398, and it was trading within a half percent of its high.Earnings results have been adequate enough to...
Europe’s largest lender HSBC says pre-tax profits dropped 18% year over year
Europe’s largest lender HSBC reported third-quarter pre-tax profits that fell from a year ago, despite strength in its Asia operations.The bank said its before-tax profit in Asia climbed 4% from last year, noting a “resilient performance in Hong Kong.”Though the bank...
Treasury yields rise as trade, Brexit angst recede
U.S. government debt yields rose Friday as investor concerns over U.S.-China trade relations, Brexit and other geopolitical issues relaxed. Traders also looked ahead to next week’s Federal Reserve meeting. TREASURYS...
The Fed is sharply increasing the amount of help it is providing to the financial system
The New York Fed announced it is increasing its temporary overnight repo operations to $120 billion a day from the current $75 billion.In addition to the repo increase, term repo operations are rising to $45 billion, from $35 billion The Federal Reserve is ramping up...
Long-term negative rates have ‘adverse consequences’ we don’t fully understand, says Jamie Dimon
Negative interest rates have “adverse consequences which we do not fully understand,” Jamie Dimon, CEO of J.P. Morgan Chase, told CNBC-TV18 on Monday.The European Central Bank last month pushed rates deeper into negative territory, while the Bank of Japan appeared to...
Sterling falls after UK lawmakers delay key Brexit vote
The move in markets comes after a complicated day for Brexit on Saturday.U.K. Prime Minister Boris Johnson was thwarted by a cross-party group of politicians who voted to postpone the “meaningful vote” on his new divorce deal.They also forced him to ask Brussels for...
‘Addiction’ to cheap money will do ‘tremendous damage’ to the global economy
“The addiction to cheap money … that’s the problem, not the solution,” said Yuwa Hedrick-Wong, a visiting scholar at the Lee Kuan Yew School of Public Policy, at the Forbes Global CEO Conference in Singapore on Tuesday.U.S. President Donald Trump has consistently...
‘Awfully high’ risks of a global recession in the next 12-18 months, Moody’s chief economist says
Avoiding a recession requires many factors to “stick to script” at the same time, says Mark Zandi, chief economist of Moody’s Analytics.That includes U.S. President Donald Trump not escalating the tariff war with China, the U.K. finding a resolution to Brexit and...
Treasury yields move lower as investors await economic data, auctions
At around 02:00 a.m. ET, the benchmark 10-year Treasury note, which moves inversely to price, was lower at around 1.6994%, while the yield on the 30-year Treasury bond was also lower at around 2.1671%.The bond market was closed on Monday, as investors observed the...
The father of the yield curve indicator says now is the time to prepare for a recession
Duke University professor Campbell Harvey says the bond yield curve is “flashing code red” for a recession.The yield for the 3-month Treasury has been above the 10-year since May, a condition known as an inverted yield curve that has predicted the past seven...
Market may be expecting more rate cuts than the Fed will deliver, meeting minutes show
The Fed released minutes from its September meeting where the central bank approved a quarter-point rate cut.Fed minutes show that “a few participants” at the September meeting said prices in futures markets “were currently suggesting greater provision of...
BONDS Treasury yields tick lower as investors monitor US-China trade talks
At around 8:10 a.m. ET, the yield on the benchmark 10-year Treasury note traded at 1.527% while the 30-year Treasury bond rate slid to 2.025%. The U.S. also expanded its trade blacklist to include some of China’s top artificial intelligence firms on Monday, punishing...
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