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EUR

05 Aug 2024

Panic at the disco

• Equity slump. Large falls in global equities. Japan’s Nikkei plunged ~12% yesterday. Fears of a ‘hard landing’ have rattled nerves. Volatility spikes.• Driving factors. Soft US jobs report, lofty valuations, & an unwind of built-up Japan/JPY trades have combined. But credit spreads haven’t moved much.• RBA today. AUD near ~$0.65. Negative sentiment has seen markets factor in rapid-fire RBA rate cuts. We think things may have moved too far, too fast. Crash, bang, wallop. Markets have been in a tailspin over the past few sessions with larger falls in equities, a spike in volatility, and substantial repricing in interest...

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05 Aug 2024

Global Financial Markets Crack, Volatility Surges

A long period of unusual calm in financial markets was shattered over the weekend, when the Japanese stock market imploded and cross-border carry trades unwound in a violent manner. Japan’s Nikkei stock index closed down 12.4 percent—marking its worst selloff since the “Black Monday” crash in 1987—and the yen is trading near the 142 threshold after having hit 161 less than two weeks ago. Volatility expectations are soaring. Safe-haven Treasury yields are plummeting, with the policy-sensitive two-year returning less than 3.7 percent—down from 4.4 percent early last week—and the ten year seeing similar dynamics. Futures prices show the Nasdaq headed...

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02 Aug 2024

Global Selloff Intensifies

In an unusual turn of events, investors are suddenly acting as if bad news for the economy might also be bad news for financial markets. During yesterday’s session, evidence of rising unemployment and a deepening contraction in the US manufacturing sector helped compound the effects of a series of underwhelming earnings reports, triggering a plunge in major stock indices – and the selling looks set to continue at this morning’s open, as futures point to further losses. Air seems to be coming out of the artificial intelligence bubble. Updates from the likes of Alphabet, Amazon, Apple, and Microsoft this week...

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01 Aug 2024

Risk wobbles return

• Risk off. Weaker US data dampened sentiment. Equities & bond yields declined. USD ticked up, with cyclical assets like the AUD under pressure.• BoE cut. BoE delivered its first cut of the cycle. Further easing likely. US rate cut expectations have ramped up. More than 4 moves priced in by January.• US jobs. US jobs report released tonight. A softer print could drag US yields even lower. But would this generate a negative or positive market spillover? The positive tone in markets reversed overnight with concerns about the economic environment in the US dampening sentiment. US and European equities...

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31 Jul 2024

US rate cuts coming into view

• Positive vibes. Cooling US labour market conditions & US Fed hints that a rate cut in September is possible boosted risk sentiment & weighed on the USD.• AUD reversal. AUD recouped its post AU CPI losses. Core inflation still a long way from home. RBA hike risks extinguished but cuts still some time away.• BoJ moves. Larger than anticipated BoJ rate rise. Policy divergence is reviving the JPY. USD/JPY back below 150. AUD/JPY ~10% below July peak. A positive night for risk assets with signs of a cooling US labour market, moderating wage pressures, and signals from the US...

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