Chicago PMI Beats Expectations On Highest Inventory Build Since September 2006

Those who were looking at the JPY monkeyhammering at 9:42 spotted the exact moment the November Chicago PMI number was released early to MarketNews subscribers, and also knew precisely that the number would be a beat. Sure enough, at 9:45 when the numb… [...]

Yen Carry Lifts Risk Around The Globe In Quiet Overnight Trade

In a carry-trade driven world in which news and fundamentals no longer matter, the only relevant “variable” is whether the JPY is down (check) and the EUR is up (check) which always results in green equities around the globe and green futures in the US… [...]

Futures Go Nowhere In Quiet Overnight Session

In fitting with the pre-holiday theme, and the moribund liquidity theme of the past few months and years, there was little of note in the overnight session with few event catalysts to guide futures beside the topping out EURJPY. Chinese stocks closed a… [...]

Key Events And Issues In The Holiday-Shortened Week

Looking ahead at the week ahead, data watchers will be kept fairly occupied before Thanksgiving. Starting with today, we will see US pending home sales with the Treasury also conducting the first of 3 bond auctions this week starting with a $32 billion… [...]

Stock Futures Rise To New Record Highs On Carry-Currency Driven Ramp

Another day, another carry currency-driven futures melt-up to daily record highs (the all important EURJPY soared overnight on the return of the now standard overnight Japanese jawboning of the JPY which sent the EURJPY just shy of a new 4 year high of… [...]

Developments Cast Pall Over Dollar

The near-term fundamental considerations for the dollar have turned more negative.  Two developments last week that had bolstered the dollar are being rethought.     First, the Bloomberg report that cited to unidentified people close to … [...]

Futures An Unamiliar Shade Of Green On Chinese Taper Fears As Li Hints At Stimulus Curbs

This morning US futures are an unfamiliar shade of green, as the market is poised for its first red open in recent memory (then again the traditional EURJPY pre-open ramp is still to come). One of the reasons blamed for the lack of generic monetary eup… [...]

Manufacturing ISM Prints At Highest Since April 2011; "No Impact From Government Shutdown"

So much for the government shutdown – as one of the just released manufacturing ISM respondents so candidly put it, “The government shutdown has not had any impact on our business that I can determine, nor has it impacted any supplier shipments.” And s… [...]

Final US Manufacturing PMI Prints At Lowest In One Year, Makes Mockery Of Chicago "Data"

If anyone needed confirmation that yesterday’s soaring Chicago PMI data (to the highest since March 2011) was a typical “Made In Chicago” fabrication, then look no further than today’s final MarkIt US Manufacturing PMI, which instead of soaring as its … [...]

Hungover Markets Enter November With Quiet Overnight Session

After a blistering October for stocks, drunk on yet another month of record liquidity by the cental planners, November’s first overnight trading session has been quiet so far, with the highlight being the release of both official and HSBC China PMI dat… [...]