Archives of “June 2020” month

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Japan May final machine tool orders -52.8% vs -52.8% y/y prelim

  
Analysis, Economy
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Latest data released by the Japanese Machine Tool Orders Builder’s Association

Slight delay in the release by the source. The preliminary release can be found here. No changes to the initial estimate as the annual decline in new factory orders in Japan during the month of May slips to its weakest level since September 2009.

Nikkei 225 closes higher by 0.50% at 22,549.05

  
Analysis, Global Indices

A slightly better close after the early drama

Nikkei 23-06
Japanese stocks close higher on the day with Asian equities faring better after the early drama during the session, where White House trade adviser Peter Navarro made mention that the US-China trade relationship “is over” before walking that back.
The market went for a wild ride but is eventually back to hitting the reset button for now with the Hang Seng seen up by 0.6% though the Shanghai Composite is down by 0.1%, but off its earlier lows today.
Elsewhere, US futures are also mildly weaker by about 0.2% to start the European trading as the market is keeping more tepid for the time being.
In the major currencies space, there isn’t much change across the board after the early volatility with the dollar trading closer to flat levels – mildly higher against the commodities bloc – as we get things going in the session ahead.

EU President says China targeted EU hospitals, health care with cyberattacks during the coronavirus crisis

  
  Analysis

uropean Commission President Ursula von der Leyen made it clear she knows the attacks came from China.

“We’ve seen attacks … on computer systems, on hospitals, and we know the origin of the cyberattacks,” von der Leyen said after a videoconference with China’s President Xi Jinping.
  •  “We put together the facts and the figures necessary to know.”
  • “We pointed out clearly that this cannot be tolerated,” she added, pointing to China’s use of disinformation to distort the public debate around the coronavirus pandemic.
European Commission President Ursula von der Leyen made it clear she knows the attacks came from China.

Navarro is now walking back his ‘its over’ comments!

  
  Analysis
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White House Trade Adviser Navarro is now speaking with the Wall Street Journal denying the trade deal with China is over.

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Earlier:
  • Peter Navarro declares trade deal with China is over
  • Risk trades getting smashed on the Navarro comments that trade deal with China is over
  • More on White House trade adviser Navarro announcing the trade deal with China is over

Now this:

  • Navarro tells the WSJ his comment about China trade being “over” not as seems.
  • Says he was trying to make broader point about “trust.”
  • ‘Its over’ was not about the phase 1 deal, that remains in place
OK, so the lack of comment from Trump was the tell – Navarro was wrong to say what he did. This is an epic f*ck up from Navarro. Says he was making a point about trust … what, not to trust a thing this idiot says?
Still, if you caught some of the moves its all good!

US coronavirus – Hospitalisations in Texas surge, biggest jump in over 2 weeks

  
  Analysis

COVID-19 developments from the US are still problematic, wave 1 going on and on.

As a further example – more than 1/3 of all coronavirus cases in California since the start of the pandemic have been reported in just the last 14 days
  • and, there are a record number of Californians are being treated in hospitals for the infection
Number of cases can be swept under the carpet (as the deniers are wont to do) with excuses like ‘more tests’, but hospitalisations cannot be disregarded in this way.  Neither can deaths from the infections, now over 120,000.
I posted a warning of these developments over 2 weeks again and since then stocks have had a wobble … but as you can see from today, once again shrugged off. For example:
  • NASDAQ closes at a new all time record level
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