11 chapters now reportedly settled Report from Bloomberg. Leaders are meeting today in Washington and hope to have a deal done in the first week of May, at the latest.
March employment from ADP – Prior was 32,700 jobs This report is starting to get a bit of attention.
S&P 500 futures down 8 points The S&P 500 was up by as much as 11 points yesterday but faded late to finish up just 2 points to 2708. The skid is set to continue with futures down 8 points today but there’s plenty of skew in the market with some companies — like American…
Philadelphia-area manufacturing data – Prior was 22.3 – Prices paid 56.4 vs 42.6 prior – New orders 18.4 vs 35.7 prior – Employment 27.1 vs 25.6 prior Those are some big moves in new orders and prices paid.
It’s tough to make a coalition The 5-Star party is trying to hammer out a coalition with Liga and is trying to do it informally now or without a majority. In some distant future, parties will have to lay out coalition plans and agreements and contingencies before elections so this doesn’t drag out for months…
The market wanted a hawkish signal You can usually depend on Mark Carney to be a hawk. He’s repeatedly lured the market into false starts on rates in the past three years, only to walk back.
USD/CAD up to the best levels of the day Yesterday was all about Canadian dollar selling, today it’s all about US dollar buying. In any case, the result is the same with USD/CAD up 60 pips on the day to 1.2667 and in the process, breaking yesterday’s post-BOC high of 1.2659.
What happened in EUR/CHF Thursday price action was rather subdued, with FX markets holding to tight ranges. US data was mixed with the Philly Fed a beat, while initial jobless claims missed, though this didn’t seem to make much of a difference.
Odd report Deutsche Bank, which has had one blunder after another, is said to have briefly sent 28 billion euros ($35 billion) out of the bank. It was some kind of error that was identified in minutes and reversed.
S&P 500 down 22 points The stock market doesn’t want 3% Treasury yields. The Feb high was 2.95% and after two days of climbing, we’re now at 2.92%. It took awhile but the stock market has woken up to it and is now in a bit of a retreat.