December 21, 2012

    No Compromise On Fiscal Cliff, Markets Plunge

    By / December 21, 2012

    Market Comment Congratulations, if you are reading this, give yourself a pat on the back because it means you survived the end of the world! Risk Appetite Non-Existant Risk aversion is gripping markets today after the House speaker John Boehner failed to get support from his own party as some Republicans announced they would not vote for any tax hike, meaning the issue could not even pass the House for Obama to eventually veto. The… Read more

    BoJ Expands Stimulus

    By / December 20, 2012

    Market Comment Markets are quiet to begin another trading day; the big news in markets today has been the Bank of Japan’s expansion of its quantitative easing while no progress has been made on the US fiscal cliff. Bank of Japan Expands Stimulus The Bank of Japan has announced its intent to expand its asset purchase program by ¥10 trillion (US$118 billion), or 10%. The Bank also pledged to keep the inflation target at 1.00%… Read more

    Markets Tame – More Fiscal Cliff Talks

    By / December 19, 2012

    US Treasury Selling Stake in GM After four years, the US Treasury is selling stakes in companies it rescued back in 2008, most recently posting a $22 billion profit on its AIG takeover. It is not all peaches and cream; however, as GM is now buying back 200 million shares ($5.5 billion) from the Treasury at nearly a 50% loss to taxpayers. The Treasury also announced its intention to sell the remaining 300MM shares in… Read more

    Markets Rise on Optimism: Chinese Stimulus and Fiscal Cliff

    By / December 18, 2012

    Market Comment Investors are adding risk to portfolio’s this morning as it appears that Obama and Republican Speaker of the House John Boehner are getting closer to a bipartisan deal to avoid hitting the fiscal cliff head on. The USD/CAD continues to trade within a very tight range, and remains unchanged overnight. Progress on Fiscal Cliff Obama’s revised plan would call for tax increases to kick in for those making more than $400,000 annually, above… Read more

    US Fundamentals Weaken

    By / December 17, 2012

    Market Comment Markets have made a modest improvement over the weekend, with equities and commodities up marginally. New York Manufacturing Misses Big The Empire State manufacturing index posted a big miss this month, falling to -8.1 from -5.2, far and away from the expected improvement to -0.7. This marks the 5th consecutive negative print and the previous 6 out of 9 months have missed the consensus. UBS is set to pay as much as $1.6… Read more

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