Russia’s Vladimir Putin and OPEC Secretary General Mohammad Barkindo speak today at an energy forum in Moscow.
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The Dollar fell and global stocks were mixed as investors digested the shortlist of candidates said to be in the running for the leadership of the Federal Reserve. U.S. Treasuries advanced, followed by most core government bonds.
In Spain, stocks resumed a decline after King Felipe VI criticized Catalan separatists for “unacceptable disloyalty.” Catalan President Carles Puigdemont has promised a formal announcement to regional lawmakers of the referendum results, triggering a 48-hour countdown to a unilateral declaration of independence. The nation’s bond yields rose, in addition to those in neighboring Portugal.
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The Dollar Index and 10-year Treasury yields both retreated from recent highs as news emerged that President Trump has been presented with a shortlist of Fed-chair candidates with a range of views on policy. Among them, ex-board member Kevin Warsh has criticized the central bank for trying to do too much with monetary policy. Current Governor Jerome Powell has voted in sync with Chair Janet Yellen, whose term is up in February.
“Markets rightly or wrongly came to the view late last week that Warsh was the front-runner, and viewed him rightly or wrongly as having more hawkish proclivities than Janet Yellen,” said Ray Attrill, global co-head of foreign-exchange strategy at National Australia Bank Ltd. in Sydney. With news of Powell’s chances potentially rising and of headwinds to tax reform, “that’s seen the Dollar giving back a little of the gains.”
Meanwhile, Hong Kong equities added to yesterday’s surgeon optimism about monetary loosening in China. Japanese stocks were little changed, and Australia’s declined. Crude fell to a two-week low as the traders awaited U.S. inventory data. Get free equity tips on mobile from here!
Among the key events coming this week:
* Russia’s Vladimir Putin and OPEC Secretary General Mohammad Barkindo speak today at an energy forum in Moscow.
* Today’s EIA data will probably show that gasoline stockpiles only increased by 1 million barrels last week.
* September’s ADP jobs number will most certainly suffer a major negative impact from Hurricanes Harvey and Irma. Consensus sees 135,000 new positions, but there’s potential for a negative surprise.
* Also, this week are data on U.S. trade, durable goods, and Friday’s September nonfarm payrolls report.
* China is due to report monthly foreign-exchange reserves Thursday.
* Minutes of the last ECB meeting are the European economic highlight this week.
Here are the main moves in markets:
1. The Stoxx Europe 600 Index declined 0.1 percent as of 8:44 a.m. London time.
2. The MSCI All-Country World Index rose 0.1 percent.
3. The U.K.’s FTSE 100 Index advanced 0.1 percent to the highest in eight weeks.
4. Germany’s DAX Index rose 0.2 percent.
5. The MSCI Emerging Market Index jumped 0.5 percent to the highest in almost two weeks.
6. Futures on the S&P 500 Index decreased 0.1 percent to 2,531.25.
1. The Dollar Spot Index dipped 0.2 percent.
2. The Euro climbed 0.1 percent to $1.176.
3. The British Pound advanced 0.1 percent to $1.3255.
4. The Japanese Yen gained 0.3 percent to 112.55 per Dollar.
1. The yield on 10-year Treasuries fell one basis point to 2.31 percent.
2. Germany’s 10-year yield dipped two basis points to 0.44 percent, the lowest in more than a week.
3. Britain’s 10-year yield decreased one basis point to 1.342 percent.
1. West Texas Intermediate crude dipped 0.3 percent to $50.26 a barrel, the lowest in more than two weeks.
2. Gold increased 0.3 percent to $1,276.01 an ounce.
3. Copper fell 0.2 percent to $2.96 a Pound.
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