- Wednesday's session on European stock markets brought clear gains. Germany's DAX ended the session 1% higher and France's CAC40 0.6% higher. Fashion holding Kering gained nearly 1.5% after the announcement of a new CEO at the Gucci brand.
- The FOMC minutes from the last meeting indicated a lack of major surprises that could affect the volatility of the currency market or indices. Some FOMC members favored a 25bp cut in September; the Fed indicated high confidence that inflation will continue to decline, despite the solid projected health of the US economy
- Wall Street indexes gain. Prominent were contracts on the DJIA (US30), which gained nearly 0.9%, approaching historic highs near 42,800 points.
- U.S. wholesale sales, for August, unexpectedly fell -0.1% month-on-month, versus 0.4% forecast, after a 1.1% increase, in July
- Comments from Collins, Logan and Bostic at the U.S. Federal Reserve suggest that the bank recognizes inflationary risks and may ease its rate cut forecasts if incoming data warrant it. Policymakers, however, remain confident of achieving the 2% inflation target
- The dollar is strengthening today, as seen in a more than 0.4% rise in USDIDX and a nearly 0.4% drop in EURUSD; yields on 10-year U.S. bonds rose more than 3 basis points to 4.07% today
- The VIX Volatility Index lost more than 3% today, driven by consistently positive sentiment on Wall Street and declines in oil prices.
- U.S. crude oil inventories indicated an increase of 5.8 million barrels, up from 1.6 million forecast and 3.89 million previously, while gasoline and distillate stocks fell sharply.
- Cushing: +1.247 million (previously +840,000).
- Gasoline: -6.304 million (estimate -1.000 million; previously +1.119 million)
- Refinery capacity utilization: -0.90% (estimate 0.00%; previously -3.30%)
- Chinese index futures rebounded slightly after reports that the People's Bank of China will consider issuing additional government bonds; JD.com and Alibaba are still losing in a range of up to 2 to 3%, deepening yesterday's sell-offs
- Silver and gold had another down session today; losing 0.8% and 0.5%, respectively. Volatility among agricultural commodities was very limited today, despite concerns about a hurricane season in the U.S. that could affect domestic weather and harvests; cocoa stood out with a 4% gain
- The United States expects 'unwarranted' escalatory Chinese actions in the Gulf of Taiwan, during Chinese naval maneuvers, on October 10.
- Iran conveyed that if Israel does not attack 'then there will be no war,' while any attack will be met, with 'thousands of rockets' flying towards Israel. Defense Minister Galant conveyed that an Israeli attack would be deadly and precise, unlike Iran's
- Israeli President Netanyahu was scheduled to hold talks today with President Biden and Deputy Prime Minister Kamala Harris. Earlier it was reported that Israeli Defense Minister Galant's trip to the Pentagon had been canceled. Iran, on the other hand, participated in talks with Saudi Arabia today
- Cryptocurrency market sentiment is weak; Bitcoin loses more than 1% and slides below $62,000. Chainlink loses almost 5%
Daily Summary: As a ceasefire drifts away, markets lose ground
Warsh before the Senate: “I will not be a tool of the president” and signals Fed reform agenda
UnitedHealth Group earnings: Healthy growth
US Open: Macro Up, Tensions Down!
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