Beyond the Headlines

May 24, 2019 HeadlinesRisk assets bounced off the overnight lows (SPX +.6%) and Treasuries are little changed after a week dominated by escalating trade tensions. The move higher came after President Trump suggested that Huawei Technologies, the recently blacklisted...

May 23, 2019 HeadlinesThe bearish tone in global risk markets continued overnight with all major equity indices in the red (Shanghai -1.4%, Nikkei -0.6%, Euro Stoxx -1.4%, SPX futures -0.8%). Treasury yields are down 2-3 bps in a nearly parallel shift across the...

May 22, 2019 HeadlinesThere was a risk-off sentiment overnight following new developments in the US-China trade war and dovish comments from St. Louis Federal Reserve President Bullard. After effectively banning Chinese telecom giant Huawei from selling equipment in...

May 21, 2019 HeadlinesTreasury yields are slightly higher this morning as risk assets performed well in the overnight session. News broke that the US decided to grant a limited 3-month relief for consumers and carriers that use Huawei Technologies. This decision came...

May 20, 2019 HeadlinesTreasuries are little changed this morning while equity futures are down in response to US tech companies cutting off shipments to Huawei. Tech giants such as Google and Qualcomm have halted shipments to the Chinese smartphone maker after the...

May 17, 2019 HeadlinesTreasury yields are lower this morning following news that the trade talks between the US and China have faltered. The Chinese have accused the US of playing “tricks to disrupt the atmosphere” and it looks talks will go on pause until the leaders...

May 16, 2019 HeadlinesImproved risk sentiment overnight is driving Treasury yield higher this morning. Trade worries have diminished somewhat, and this morning’s housing data was better than expected. The White House announced yesterday that it would again delay the...

May 15, 2019 HeadlinesThe bearish tone in risk markets resumed overnight, with geopolitical concerns and weaker economic data adding to the anxiousness surrounding U.S./China negotiations. Treasury yields are down 3-5 bps across the curve, with the 5-year yield at the...

May 14, 2019 HeadlinesThe tone in risk markets is modestly improved today with no negative rhetoric in the headlines overnight. S&P 500 futures are up 0.6% ahead of the open, but Asian markets closed down on the day in a follow-through to yesterday’s weakness in...

May 13, 2019 HeadlinesMore negative U.S./China headlines over the weekend are driving a risk-off trade in the global markets this morning. Treasury prices are higher across the curve, and all major equity indices are in the red today, including S&P 500 futures...

May 10, 2019 HeadlinesTreasury prices are modestly higher across the curve as the market digests the initiation of increased tariffs and economic data from Europe and the U.S. Most major Asian and European equity indices are higher on the day, and S&P 500 futures...

May 9, 2019 HeadlinesAnother day, another trade-related, risk-off trade in the global markets. All major equity markets are trading poorly today (Shanghai -1.5%, Euro Stoxx -1.3%, S&P 500 futures -0.9%), and term Treasury yields are down 4-5 bps on the day....

May 8, 2019 HeadlinesThe risk-off trade in global markets continues this morning, with Treasuries well bid and equities lower. Treasury yields were initially higher overnight until a Reuters article was released reporting that Chinese officials had “backtracked” on...

May 7, 2019 HeadlinesTreasury prices were higher overnight on continued U.S./China concerns, but prices reversed and are now lower on the day on reports that Chinese Vice Premier Liu will indeed make the trip to Washington this week. Chinese equities rebounded today...

May 6, 2019 HeadlinesRisk markets are reeling today in response to President Trump’s tweet yesterday threatening to increase tariffs to 25% on more than $500 billion of Chinese imports on Friday. Chinese equity markets closed down more than 5%, and European and U.S....

May 3, 2019 HeadlinesUS Treasury yields are slightly higher overnight and S&P 500 futures are up .35% as flows continued to be light with Asian markets observing holidays. There were no major headlines outside of strong economic data coming out of Europe. In the...

May 2, 2019 HeadlinesTreasury prices are slightly lower to start the day following a quiet overnight session with several major markets in Asia are closed for holiday.  Yesterday’s FOMC meeting didn’t provide the dovish signals some were expecting. More specifically,...

May 1, 2019 HeadlinesUS Treasuries are unchanged in a quiet overnight session with most of Asia and Europe observing a holiday. In addition, investors are patiently waiting for the Federal Reserve rate decision later today. The market expects Fed officials to keep...

April 30, 2019 HeadlinesThe price action in Treasuries was mixed overnight, with yields initially falling on softer PMI data from China before recovering following stronger inflation data from Germany. Major global equity indices are little changed today, and S&P...

April 29, 2019 HeadlinesTreasury prices moved lower overnight with Japanese markets closed for the next two weeks, and S&P 500 futures are little changed ahead of the open. This week will be a busy one with regards to macro events (FOMC meeting and busy data...