mikeball87
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Equities posted their strongest weekly gain in 2016, with tech stocks and financials leading the way. This came in spite of the continued weakness observed in the energy complex, with WTI and Brent crude futures both being weighed upon by the continued glut in supplies and the lack of a coherent solution from OPEC to address the price slide.
Furthermore, a build in DoE inventories put further pressure on prices as the week drew to a close. Of note, OPEC and non OPEC nations indicated a willingness to freeze in production this week, however, it has not had the bullish affect that some have hoped for. The
DJIA finished down 0.13% at 16391.43, S&P 500 finished flat at 1917.76 and the NASDAQ-100 finished up 0.30% at 4164.09.
A surprise uptick in inflation caught some off-guard today, with January’s core CPI growing at the fastest pace since August, consequently a bout of fast money selling occurred in treasuries, hitting the belly of
the curve. However, this move was quickly pared and major flattening bets were placed, as they have all week, across the curve but especially in the 2s/30s. At the pit close T-notes finished down half a tick at 130.29.
FX markets have been relatively quiet, however Cable has dominated market chatter on Brexit concerns
given the summit which is currently taking place in Brussels. GBP/USD was bid towards of the end of a session amid hopes of a deal being reached in spite of comments from French President Holland, who said a lot of countries do not currently accept the social welfare demands made by Britain.
Looking ahead, next week sees the release manufacturing and services PMIs from across the globe, German IFO and CPI data, US durable goods and secondary GDP reading and a host of Fed and ECB speakers
Furthermore, a build in DoE inventories put further pressure on prices as the week drew to a close. Of note, OPEC and non OPEC nations indicated a willingness to freeze in production this week, however, it has not had the bullish affect that some have hoped for. The
DJIA finished down 0.13% at 16391.43, S&P 500 finished flat at 1917.76 and the NASDAQ-100 finished up 0.30% at 4164.09.
A surprise uptick in inflation caught some off-guard today, with January’s core CPI growing at the fastest pace since August, consequently a bout of fast money selling occurred in treasuries, hitting the belly of
the curve. However, this move was quickly pared and major flattening bets were placed, as they have all week, across the curve but especially in the 2s/30s. At the pit close T-notes finished down half a tick at 130.29.
FX markets have been relatively quiet, however Cable has dominated market chatter on Brexit concerns
given the summit which is currently taking place in Brussels. GBP/USD was bid towards of the end of a session amid hopes of a deal being reached in spite of comments from French President Holland, who said a lot of countries do not currently accept the social welfare demands made by Britain.
Looking ahead, next week sees the release manufacturing and services PMIs from across the globe, German IFO and CPI data, US durable goods and secondary GDP reading and a host of Fed and ECB speakers