Equity Markets Soar on Good News and Thin Trading Conditions
U.S. equity markets are posting strong gains this morning driven higher
by better than expected earnings news regarding Toll Brothers and Macyâ€™s.Thin trading conditions ahead of this
afternoonâ€™s Fed FOMC announcement are also helping to support the rally as
traders seek higher yielding assets after an almost week long absence.Also contributing to the rally was a better
than expected existing home sales report.The report showed that home sales fell 2.9% in the second quarter from a
year ago, but rose 3.8% from the first quarter.
September Treasury Bonds and Treasury Notes
are trading flat to lower at the midsession.This morningâ€™s rise in equity prices is having a limited effect on these
markets.Traders are focusing more of
their attention on this afternoonâ€™s Treasury auction and Fed FOMC meeting.Despite adding to the already huge deficit,
this weekâ€™s auction is expected to draw attention because of the attractive
yields being offered.Gains could be
limited if the Fed talks about future rate hikes.Look for an expansion to the upside if the
Fed decides to extend its quantitative easing program or if the Fed says rates
will remain low for a prolonged period of time.
The U.S. Dollar is down at the
midsession.Todayâ€™s rally in the equity
markets helped renew demand for higher risk, higher yielding assets.Several of the foreign currency markets
reversed their recent declines on short-covering.Look for the weakness in the Dollar to be short-lived
unless the Fed comes out and completely trashes the U.S.
December Gold is trading higher because of
the weaker Dollar.Technically this
market reached a key retracement level which attracted additional buying.A stronger Dollar following the FOMC
announcement is likely to pressure gold into the close.
September Crude Oil is trading better
despite slightly bearish supply and demand numbers.The stronger Euro and an increase in demand
for higher risk assets are also contributing factors. Energy market traders are
hoping that a recovery in the U.S.
economy will trigger an increase in demand.
December Corn is bucking a bearish
fundamental report and holding on to small gains.This morning the USDA released a report
calling for a record corn crop.Some
traders are calling the report neutral because they expect usage to increase.
The USDA also reduced ending stockpiles for
soybeans.This news is helping to give
November soybeans a slight boost this morning.Lower yields and greater exports are expected to help reduce inventory.
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Mon 10 Sep 2018 AA 08:30 GB- GDP, Trade, Output Tue 11 Sep 2018 AA 08:30 GB- Employment Decision A 09:00 DE- ZEW Survey Wed 12 Sep 2018 A 12:30 US- PPI A 14:30 US- EIA Crude A 18:00 US- Beige Book Thu 13 Sep 2018 A 1:30 AU- Employment AA 11:00 GB- Bank of England Decision AA 11:45 EZ- European Central Bank Decision A 12:30 US- Weekly Jobless AA 12:30 US- CPI Fri 14 Sep 2018 A 08:30 GB- GDP AA 12:30 US- Retail Sales A 13:15 US- Industrial Production AA 14:00 US- prelim University of Michigan
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