Private nonfarm payrolls in the US are projected to increase by 197,000 (seasonally adjusted) in February over the previous month in tomorrow’s Wednesday’s update of the ADP Employment Report, based on The Capital Spectator’s average point forecast for several econometric estimates. The average projection reflects a moderately lesser increase vs. January’s gain.
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Managing risk via tactical asset allocation (TAA) offers a number of encouraging paths for limiting the hefty drawdowns that take a toll on buy-and-hold strategies. But what looks good on paper can get ugly in the real world. There’s a relatively easy fix, of course: consider the total number of trades associated with a strategy as another dimension of risk.
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The crowd’s appetite for risky assets extended for a second week, at least in some corners, based on a set of proxy ETFs representing the major asset classes. US junk bonds took the lead for the five trading days through Feb. 26, building on the previous week’s gain. But the revival didn’t include foreign assets from a US-dollar perspective. Other than fractional gains for foreign real estate securities and equities in developed markets, all of last week’s red ink was concentrated in offshore markets via various shades of foreign bonds and emerging-market stocks.
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● US Personal Income & Spending Up More Than Expected In Jan | RTT
● US Q4 GDP revised up due to inventory adjustment | Bloomberg
● US Consumer Sentiment Drops Less Than Initially Estimated In Feb | RTT
● Eurozone CPI inflation goes negative for YoY headline trend in Feb | Bloomberg
● German retail sales up more than expected in Jan | ShareCast
● Shares fall on G20 disappointment, Fed hike worries | Reuters