Category Archives: Markets

Market Recap

Posted on September 6, 2019 by Gemmer Asset

  Week in Review   Market gyrations this week illustrated how short-term market movements are being held hostage by the trade headlines. So called news like the headline below was enough to push stocks higher and bond prices lower for the week.     Not sure what makes them reliable, but regardless it does appear that trade negotiations will resume on October 5th for what that is worth. But we have been trapped in this…
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Market Recap

Posted on August 30, 2019 by Gemmer Asset

  Week in Review   This was a much quieter week compared to last week. The equity indexes bounced around and bond yields continued to drift lower globally, but the palpable sense of anxiety from last week didn’t carry over. Whether the hints of calm on the trade front are true or not, they were quickly embraced by investors. Now whether Lucy snatches Charlies Brown’s ball away again is an open question.   There wasn’t…
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Market Recap

Posted on August 23, 2019 by Gemmer Asset

  Week in Review   What would a week be like without some inflammatory tweets and associated market volatility? I guess that is so 2013!!   Coming into this week the main focus was on the Fed’s Jackson Hole retreat and what Chairman Powell might say about future policy. When all was said and done he didn’t say much new, however President Trump more than made up for the lack of headlines. But first, a…
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Market Recap

Posted on July 26, 2019 by Gemmer Asset

  U.S. Consumers Spend, German Manufacturing Slumps   It was an eventful week so let’s get started.   First, U.S. growth is plodding along just fine if the second quarter GDP number is anything to go by. The first estimate for growth came in at +2.1%, modestly better than expected. As you can see below, growth cooled from the pace set in the first quarter, but it was nowhere near as weak as many were…
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Market Recap

Posted on July 19, 2019 by Gemmer Asset

  Manufacturing Drags on Global Growth   Things were pretty quiet on the economic news front. One of the notable reports during the week was the Conference Board’s leading economic indicator (LEI). Adding to the view that second quarter growth will be soft, the LEI for June fell for the first time this year, pulled down by weak building permits, ISM numbers, and initial claims for unemployment insurance. The decline was small (you have to…
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Market Recap

Posted on July 12, 2019 by Gemmer Asset

  July Looks Like a Done Deal   For the most part it was a quiet summer week in the markets. Really the highlight (other than a great stage 6 at the Tour de France) was Chairman Powell’s testimony on Wednesday and Thursday in front of Congress. Over the last few weeks the market had moved strongly to price in rate cuts from the Fed in the second half of this year. If he was…
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Market Recap

Posted on June 21, 2019 by Gemmer Asset

  Central Banks Start to Capitulate   This was quite a week. We all know you can get some big market movements during times of crisis. That’s to be expected. But you don’t generally see big shifts during sleepy summer months when half the world (or at least France) is on vacation and the economic backdrop is blah (not great, but not bad).   But central banks can still surprise us. Things kicked off on…
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Market Recap

Posted on May 25, 2019 by Gemmer Asset

Markets Buffeted by Trade   Global equity markets were down this week as jitters about the trade war with China increased. The Trump administration upped the ante last Friday by blacklisting Huawei. As a result, US chipmakers, including Intel, Qualcomm, Xilinx and Broadcom, have suspended supplying Huawei with semiconductors – a devastating blow to the Chinese telco. What’s still unclear is just how far each country will go in this war of attrition. With no…
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Market Recap

Posted on May 10, 2019 by Gemmer Asset

  Trump’s Tweets Torpedoes Trade   For the market the only news item of importance concerned trade and Trump’s tweets on the matter. Hopes for an imminent end to the trade war with China were dashed on Sunday night when the President threated to hike tariffs on $200bn of Chinese goods and begin proceedings to tax the remaining $325bn of imports not currently subject to tariffs.   Global equites sold off on the news and…
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Market Recap

Posted on May 3, 2019 by Gemmer Asset

  Sugar Sugar….   Think back to music in 1969. Hits included Honky Tonk Woman by The Stones, Suspicious Minds by Elvis, Proud Mary by CCR, Get Back by the Beatles. Some classic tunes that have stood the test of time. And then you have this.   Sugar, ah honey honey You are my candy girl And you got me wanting you   The Archies, 1969  (https://www.youtube.com/watch?v=TSP0e5rXUl8)   This was #1 in the U.S. for…
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