The Preliminary University of Michigan Consumer Sentiment for November came in at 93.8, a strong surge from last month. Today reading is a is a post-recession high and the highest level since January 2007, almost eight years ago.
The U.S. dollar is trading within yesterday's ranges against the major currencies. The Canadian dollar is the main exception. It is pushing lower still, with the greenback pushing a little beyond CAD1.1550. The main development today is the continued drop in oil prices.
The two big financial news items in December have been the multiple Hindenburg Omen signals and the crash in crude oil prices. I recently went on CNBC to talk about the former. Its relationship to the latter is inescapable.
The latest Federal Reserve flow of funds data provides an up to date view of households' current asset allocation. Let's review. Household's largest holding is in equities; these comprise about 31% of their total financial assets.
The intermediary-free, digital transactions characteristic of cryptocurrencies such as Bitcoin are an important step towards exchanges free of regulatory meddling. In addition, this technology should enable low-cost banking accessible to anyone with a cellphone.
For signs that the energy market is stabilizing we need to see default risk for the sector improve, which clearly hasn’t happened yet. Option adjusted spreads on the investment grade energy sector index are nearing a 5-year high and for the high yield energy index spreads have exploded...
The sharp drop in oil prices in recent days has been weighing on markets in the last few sessions. Pre-open sentiment appears to be indicating a positive open, with strong retail sales reading helping the mood.
The Advance Retail Sales Report released this morning shows that sales in November came in at 0.7% (0.72% at two decimals) month-over-month, up from 04% in October. Core Retail Sales (ex Autos) came in at 0.5% (0.47% at two decimals), up from 0.4% in October.
Adherents of index investing in Canada have had a rough month as falling oil prices have inflicted considerable pain on not just the energy sector but the entire Canadian market. After surveying the landscape I’ve finally thrown in the towel on the TSX...
I have been saying for years that European banks are in far worse shape than U.S. banks. We can now show that in chart form thanks to Ophir Gottlieb, CEO of Capital Market Labs.