The Closer 1/17/17 – USD, Equities, And Eurozone Lending

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Looking for deeper insight on global markets and economics?  In tonight’s Closer sent to Bespoke Institutional clients, we take a look at US equities and the dollar, as well as charting out the latest readings on credit availability and demand courtesy of the ECB’s Bank Lending Survey.

Sample

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ETF Trends: Hedge – 1/17/17

Natural gas, steel, and gold miners have been the best performers of the past week with highly volatile Turkey also delivering a strong performance. South Korea was the best-performing country ETF over the last five sessions while LatAm and industrial metals have been strong too. Biotech, banks, pharma, and financials have underperformed in the past week as the markets continue to evaluate the policy platform of the incoming President.

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Empire Manufacturing Index Backs Off Recent Highs

After a big jump post-election, the Empire Manufacturing report for January backed off of its recent highs, missing consensus forecasts in the process.  While economists were forecasting the headline reading to come in at a level of 8.5, the actual reading came in at 6.5.  While the current conditions index backed off slightly, expectations for the future remained right at their multi-year high from last month.

011717 Main Chart

Plans for capital expenditures and tech spending continued to rise this month, though.  Plans for Cap Ex spending rose to the highest level since February 2015, while plans to spend on technology also increased.

011717 Tech and Capex

Finally, the table below breaks down this month’s report by each of the report’s sub-indices.  As far as current conditions are concerned, New Orders and Shipments both declined, while every other category increased.  One notable increase was Prices Paid, which is now at its highest level in three years, while Prices Received is at its highest level in nearly five years.

011717 Table

 

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