Author: miaoxingren

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Goldman warns that buybacks are ‘plummeting,’ ending a big source of buying power for the market

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Tanzania orders cleanup at Acacia gold mine, threatens closure

Commodities rebounded as the US dollar erased all the gains made after the encouraging US employment report. Investors’ profit-taking was hinged on the modest gain in the Fed’s Employment Trends index which might give the Fed a reason to stand on the sideline.

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Commodities Rebounded as USD Retreated

Wall Street fell although economic data generally matched expectations. The decline was more severe earlier in the day as driven by weaknesses in the European and Asian markets. Both the DJIA and the S&P 500 indices ended the day losing -0.25%. Political news occupied news headlines.

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Equities Fell on Political Headlines

Asian shares excluding Japan declined on Tuesday as the People’s Bank of China (PBOC) drained liquidity from the market. With the US market closed on the President’s Day holiday, the focus yesterday was on Europe with ECB’s Nowotny called for consideration of further rate cut while BOE’s Miles reaffirmed investors that there’s no imminence for a rate hike.

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PBOC Conducted Repo First Time in 8 Month to Drain Excess Liquidity

The SNB in December reiterated its commitment to maintain the currency ceiling at CHF 1.2 per euro, stating that the central bank “stands ready to enforce the minimum exchange rate, if necessary, by buying foreign currency in unlimited quantities, and to take further measures as required”.

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SNB Warned of Strength in CHF, Pledged to Curb Appreciation

European bonds soared amid speculations of further ECB rate cut. Besides Hansson, ECB’s Noyer and Coeure also commented about further easing. In the commodity sector, crude oil initially plunged amid a deal between P5+1 and Iran but losses were pared later in the day.

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ECB Rate Cut Speculations Loomed on Policymakers’ Comments

China’s third plenum turned out to be somehow disappointing. Although the government pledged to commit to a larger and decisive role for markets, it lacked further details on the measures. In the US, speculations of a Fed’s tapering in December returned to the spotlight as Janet Yellen is to testify before the Senate. This had the effect of pressuring stock markets and bond markets, sending yields higher.

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China’s Third Plenary Meeting Reinforces Greater Role for Markets

Asian shares plunged on Monday morning amid US budget impasse. The House of Representatives approved a Republican measure that agrees to fund the government at current levels until December 15 but delays President Barack Obama’s health care law for a year.

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Risk Appetite Damped as US Closer to Shutdown, Political Instability In Italy Raised

Financial markets gained modestly as US initial jobless claims unexpectedly fell last week. However, the gains were limited as concerns over a default of the US government remained. Fed presidents sent mixed messages about QE tapering.

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Financial Markets Gains Capped as US Government Default Rises