Rise In Jobless Claims Surprises No One (Except Economists)
Jobless claims surged higher this week, rising from 236K up to 298K in what was the largest one week increase since November 2012 in the aftermath of Superstorm Sandy. Given the complete halt to business activity in the Houston region as a result of Hurricane Harvey, this increase should have surprised nobody. As we noted […]
Jobless Claims Spike Most Since 2005 Amid Harvey Hangover
Initial jobless claims spiked 62k last week – thanks to a 51k surge in Texas – as the impact of Hurricane Harvey ripples (transitorily) through economic data. This 26% spike in claims is the largest since 2005 (and biggest absolute rise since 2012). The 298k print is the highest since April 2015. The results are among the first […]
Weekly Unemployment Claims: Up 62K, Affected By Hurricane Harvey
Here is the opening statement from the Department of Labor: In the week ending September 2, the advance figure for seasonally adjusted initial claims was 298,000, an increase of 62,000 from the previous week’s unrevised level of 236,000. This is the highest level for initial claims since April 18, 2015 when it was 298,000. The […]
HH Hurricane Pain
Almost all global markets seem to be transfixed on Hurricane Irma that could wallop Florida with an unprecedented and merciless blow and have an impact on many lives as well as the U.S. and global economy. Fox News reported that France’s interior minister on Thursday said the category 5 storm killed at least eight and […]
Trump And International Finance
Written by Joseph Joyce International trade and immigration were flashpoints of Donald Trump’s presidential campaign, and in his first year he has shown that he intends to fulfill his promises to slow down the movements of goods and people. Last month negotiations over NAFTA began with Canada and Mexico, with the U.S. trade representative Robert Lighthizer announcing that […]
Dollar Drop Accelerates As Fed Uncertainty Weighs
Ok, so as Bloomberg notes, markets were “slightly disjointed overnight with various factors driving individual assets,” but you do want to keep an eye on the dollar here because it looks like the Cohn news combined with Stanley Fischer’s resignation is weighing on the greenback. Despite the fact that, as ISI writes in a note, […]
‘Things Have Been Going Up For Too Long’ – Goldman CEO
The B word is something which is almost whispered in financial circles. To acknowledge there might be a bubble somewhere is like admitting the proverbial elephant is in the room. But, like many taboo words, it seems the mainstream are coming around to the idea that it is ok to mention the word ‘bubble’ and […]
S&P 500 Still Close To Record High, Will Uptrend Continue?
Intraday trade: Our yesterday’s neutral intraday outlook has proved accurate. The S&P 500 index fluctuated within a relatively narrow trading range of 10 points. The broad stock market index may extend its short-term consolidation today. Therefore, we prefer to be out of the market, avoiding low risk/reward ratio trades. Our intraday outlook is neutral, and […]
Astrazeneca, Amgen Phase IIb Trial Of Tezepelumab Met Primary Endpoint
AstraZeneca (AZN) and Amgen (AMGN) announced results from the Pathway Phase IIb trial of tezepelumab that they say “showed a significant reduction” in the annual asthma exacerbation rate compared with placebo in patients with severe, uncontrolled asthma. Tezepelumab is a first-in-class anti-TSLP monoclonal antibody being developed by AstraZeneca’s ‘s MedImmune, in collaboration with Amgen. The […]
ECB Leaves Policy Unchanged – EUR/USD Holds High Ground
The European Central Bank left its policy unchanged. In the accompanying short statement, they maintained their usual phrase about QE: it will continue through 2017 or beyond if necessary. The main lending rate remains at 0% and the deposit rate at -0.40%. No changes were expected to rates. EUR/USD holds onto the levels it climbed […]
