All eyes will be on Mr Trump’s speech to Congress tomorrow. Commodity prices have dropped following suggestions that the President’s infrastructure spending pledge will be delayed. The reflation trade has…
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Amazon’s pledge to create 5,000 new jobs in the UK this year alone is a clear vote of confidence in British tech and follows similar announcements by Google, Facebook and…
The high S&P PE ratio points to an overvalued US equity market. However, the reverse earnings gap remains below historical standards. This is not just due to low interest rates:…
The prospect of a Le Pen victory in May remains negligible. However, the political events of 2016 have instilled a note of caution in markets. Rising French government bond yields…
The four-week average for jobless claims has fallen to new cyclical lows. The claims data may overstate the potential drop in the U3 rate because of the smaller decline in long-term unemployment….
The decline in FX reserves has slowed. Currency effects may have played a role, but there are signs that capital controls are beginning to work: December saw the smallest level…
The BoJ was forced into action on Friday as yields on 10-year JGBs spiked. An “unlimited” purchase offer pushed yields lower after a disappointing Rinban. The central bank has not…
