Markets Morning Newsletters (Archived)

Markets Morning 27112018

on November 27, 2018

Morning folks – Welcome to McKenna’s Market Mornings.

In a rush? Here’s the key takeaway

Positivity reigned in European and US markets Monday as buyers returned to stocks, Italian bonds, and crude oil markets. Bitcoins rally back above $4,000 proved short-lived as did the USD pressure that existed in late Asia and through European trade. Euro, Yen, Pound, Aussie, and others open the day under a little pressure.

Whether the move in stocks was selling fatigue or just optimism about consumer spending on Black Friday and Cyber Monday and even perhaps the chances of a Xi-Trump rapprochement will be revealed over the course of the week.

But President Trump’s reported comments he still favors a move higher in Tariffs to 25% to me renders the positive mood and move moot.

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Markets Morning 26112018

on November 26, 2018

Morning folks – Welcome to McKenna’s Market Mornings.

In a rush? Here’s the key takeaway

As we kick off the week with stocks looking wobbly, oil capitulating still, and the US dollar if not in the ascendancy then at least getting its mojo back we are also faced with a new risk for traders to consider.

Russia and Ukraine have just had a naval confrontation with the smaller neighbor saying Russia blocked access to a strait, opened fire, rammed ships (there’s footage), seized them, and now Ukraine is essentially on a war footing.

Watch this space, though it shouldn’t overly impact. More troubling is the price action in oil and stocks. The USD caught a bid too, but not the Yen or gold, or even US bonds really – that’s interesting.

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I’ll be launching a subscription service soon – licensed now and just waiting on the website to be built – so this note and the video will go behind a paywall. As existing subscribers, you will get a special offer as we run up to Christmas.
More details in the next couple of weeks.
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Markets Morning 23112018

on November 23, 2018

Morning folks – Welcome to McKenna’s Market Mornings.

In a rush? Here’s the key takeaway

Not the quiet day it could have been with the US out for the Thanksgiving holiday. Europe decided to ruin the party by going into an Italian debt induced funk so and we saw stocks down across the continent and in the UK.

US and Australian futures markets joined in for the fun of it setting up a bad start to another thin day at week’s end.

Some positive hope on Brexit saw GBP rally but otherwise forex was quiet. But oil dropped again and base metals (but not precious) caught a lift.

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I’ll be launching a subscription service soon – licensed now and just waiting on the website to be built – so this note and the video will go behind a paywall. As existing subscribers, you will get a special offer as we run up to Christmas.
More details in the next couple of weeks.
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adminMarkets Morning 23112018

Markets Morning 22112018

on November 22, 2018

Morning folks – Welcome to McKenna’s Market Mornings.

In a rush? Here’s the key takeaway

To my US readers – Happy Thanksgiving. I just want to wish you and yours all the best, both now and for the future.

Pre-holiday buying sees stocks and Italian bonds bounce, UST’s unmoved again, but USD lower.

You’d expect that I guess and after another big fall oil managed to rally. But like stocks and the Euro it couldn’t hold the full gains. That’s because markets are thin and traders have moved to the sidelines.

With the risk rally came gains for teh Aussie and Kiwi as well as copper and base metals. And of course Dollar Asia was lower.

——————–
I’ll be launching a subscription service soon – licensed now and just waiting on the website to be built – so this note and the video will go behind a paywall. As existing subscribers, you will get a special offer as we run up to Christmas.
More details in the next couple of weeks.
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adminMarkets Morning 22112018

Markets Morning 21112018

on November 21, 2018

Morning folks – Welcome to McKenna’s Market Mornings.

In a rush? Here’s the key takeaway

The routs continue, stocks, oil, bitcoin, hope.

I’m not being flippant by any stretch of the imagination with the addition of hope to that list of tings that are under pressure right now because markets are in a funk and looking for a circuit breaker. I note 3 potential ones below. But they are absent at present.

In the meantime stocks collapsed, bitcoin and oil fairly capitulated and the USD caught a bid. Even against the Yen, Swissie, and Gold. Maybe because US rates are steadfastly resolute and not rallying (falling)

——————–
I’ll be launching a subscription service soon – licensed now and just waiting on the website to be built – so this note and the video will go behind a paywall. As existing subscribers, you will get a special offer as we run up to Christmas.
More details in the next couple of weeks.
——————–
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adminMarkets Morning 21112018

Markets Morning 20112018

on November 20, 2018

Morning folks – Welcome to McKenna’s Market Mornings.

In a rush? Here’s the key takeaway

Stocks fell completely out of bed again Monday as concerns about the outlook for Apple feed into broader tech weakness and the overall tone of global stocks was knocked by worries about the trade war.

So we’ve seen some massive falls which have gone some way to unwinding any chance of a rally till Octobers lows are retested. Risk assets like the Aussie and Kiwi went offered while the Yen and Swiss franc caught a bid.USD weakness allowed the Euro to do the same.

Brexit still simmers as do tensions in oil markets, while the HODL’s of Bitcoin are more like a boiling frog.

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Markets Morning 19112018

on November 19, 2018

Morning folks – Welcome to McKenna’s Market Mornings.

In a rush? Here’s the key takeaway

The weekend face-off between the US and China at APEC has put some pressure on markets as they open the week with the Aussie and NZD lower – reflecting that tension.

But that comes after President Trump said Friday – again – China wants to make a deal and Fed vice-Chair Clarida implied the Fed is edging closer to a pause taking note of offshore weakness and its impact on the US economy. So stocks edged up, the USD fell, and bond rates rallied.

We could be seeing a change in tone in markets. But let’s see how the trade war and Brexit play out.

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adminMarkets Morning 19112018

Markets Morning 16112018

on November 16, 2018

Morning folks – Welcome to McKenna’s Market Mornings.

In a rush? Here’s the key takeaway

The resignation by Brexit Secretary Dominic Raab and ructions in the UK government caused the Pound to tank and bought the chances of a no-deal Brexit back into the harsh light. But other than that the US dollar has been under pressure and stocks have risen as positive noise on the trade deal with China have been heard.

There is a different feel in non-brexit related markets today and its more positive, much so. Particularly given the US administration disavowed the positive headlines. Fake news folks, it’s turning the algos and thus markets inside out.

But the positivity is interesting.

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adminMarkets Morning 16112018

Markets Morning 15112018

on November 15, 2018

Morning folks – Welcome to McKenna’s Market Mornings.

In a rush? Here’s the key takeaway

Theresa May has got her Cabinet to agree to the Brexit deal with the EU. Sterling, the Euro, and other currencies cheered as the USD came under pressure.

Stocks aren’t so pleased though as Apple and Goldman Sachs remain a little pressured and the buyers are absent from the market. So the downside pressure remains.

Oil, gold, silver and copper’s downside pressure has abated a little but Bitcoin (yes remember that) has collapsed falling 13%.

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adminMarkets Morning 15112018

Markets Morning 14112018

on November 14, 2018

Morning folks – Welcome to McKenna’s Market Mornings.

In a rush? Here’s the key takeaway

There is a lot of chat about trade talks between the US and China in the leadup to the G20 meeting between the nation’s Presidents. But that failed to hold US stocks in the black as they gave up their gains.

So too did the US dollar with some faux Brexit positivity (okay it was real but the chances of getting the deal through the Commons seem not) and a thin market driving GBPUSD higher taking most other pairs along for the ride.

Oil utterly collapsed with a 7%+ loss for Brent and WTI while gold, copper, and silver held support.

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