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Tag Archives: UK

The Greenback Finds Traction ahead of the Jobs Report

Overview:  The Omicron variant has been detected in more countries, but the capital markets are taking it in stride.  Risk appetites appear to be stabilizing.  The MSCI Asia Pacific Index rose for the third consecutive session, though Hong Kong and Taiwan markets did not participate in the advance today.  Europe's Stoxx 600 is struggling to hold on to early gains, while US futures are narrowly mixed.  The US 10-year yield is a little near 1.43%, down around six basis points this week. ...

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Calm Surface Masks Lack of Conviction

Overview:  The downside reversal in US stocks yesterday seemed to accelerate after the first case of the Omicron variant was found in the US.  In itself, it should not be surprising, but perhaps, what was especially disheartening is that the person had been fully vaccinated.  The S&P 500 traded on both sides of Tuesday's range and closed below it low, a bearish signal.  The Nasdaq settled on its lows and looks equally ugly.  That said, there has been no follow-through selling, and both...

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Fragile Calm Returns and Powell’s Anti-Inflation Rhetoric Ratchets Up

Overview:  Into the uncertainty over the implications of Omicron, the Federal Reserve Chairman injected a particularly hawkish signal into the mix in his testimony before the Senate.  These are the two forces that are shaping market developments.  Travel restrictions are being tightened, though the new variant is being found in more countries, and it appears to be like closing the proverbial barn door after the horses have bolted. Equities are higher.  The MSCI Asia Pacific Index, led by...

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How Poorer Citizens Pay the Price of Economic Change in the UK

By Stewart Lansley,Visiting Fellow, School of Policy Studies, University of Bristol., University of Bristol. Originally published at The Conversation Despite the early claims of British prime minister Boris Johnson’s much vaunted plan to cap personal adult social care costs, his government’s new plan – designed to save the Treasury £900 million year – will see only those people with more expensive homes gain. The poorer pensioner still risks losing their home. In response to this plan, Welsh...

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The Campaign to Protect Christmas Profits from Omicron

Not only have our soi-disant leaders apparently not learned anything since the start of Covid, they are acting as if the disease will bend to their wishful thinking and commercial/political needs. As we’ll explain below, the Anglosphere press and quite a few public health figures who ought to know better are putting the most possible spin possible on Omicron. This is the worst possible reflex now, just as it was in late January-February 2020. When you are dealing with an event with...

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Go Private for the Treatment You Need, NHS Tells Patients

Yves here. Even though the fate of the NHS is a UK story, Americans should pay close attention. Despite the mythology otherwise, about 60% of healthcare spending in the US is government-paid, between Medicare, Medicaid, the VA, and other programs. Yet Medicare has plenty of gaps, witness the need to buy Medigap insurance with traditional medicare, the many limits on Medicare drug plans, and the sneaky narrow networks in Medicare Advantage plans. And in many parts of the US (NYC, Connecticut,...

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Tech Sell-Off Continues

Overview:  The markets are unsettled.  Bond yields have jumped, tech stocks are leading an equity slump, and yesterday's crude oil bounce reversed.  Gold, which peaked last week near $1877, has been dumped to around $1793.  The tech sell-off in the US carried into the Asia Pacific session, and Hong Kong led most markets lower.  The local holiday let Japanese markets off unscathed, though the Nikkei futures are off about 0.4%.  Australia and India managed to post minor gains as the MSCI Asia...

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Covid Wave Knocks Euro Down and to new 6-year Lows Against the Swiss Franc

Overview:  Concerns about the virus surge in Europe cut short the euro's bounce and sent it back below $1.1300 and are also weighing on central European currencies, including the Hungarian forint, despite yesterday's aggressive hike of the one-week deposit rate.  Austria has reintroduced a hard 20-day lockdown.  Germany's health minister warned that the situation deteriorated and vaccines were not enough to break the wave.  He was explicit that a lockdown cannot be ruled out.  The US dollar...

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Euro Bounces Back, but the Turkish Lira Remains Unloved

Overview:  The US dollar's sharp upside momentum stalled yesterday near JPY115 and after the euro met (and surpassed) a key retracement level slightly below $1.1300.  Led by the Antipodean currencies today, the greenback is mostly trading with a heavier bias.  Among the majors, helped by a steadying of US yields, the yen is soft.  In the emerging market space, the Turkish lira continues its headlong plunge while the yuan softened and the Mexican peso is off.  Hungary's central bank surprised...

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An Increase in Interest Rates Would Be An Act of Class Warfare

This is Naked Capitalism fundraising week. 1351 donors have already invested in our efforts to combat corruption and predatory conduct, particularly in the financial realm. Please join us and participate via our donation page, which shows how to give via check, credit card, debit card, or PayPal. Read about why we’re doing this fundraiser, what we’ve accomplished in the last year, and our current goal, more original reporting. Yves here. I am not sure that most Americans would agree with...

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