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S&P 500: Resilient as Fed tone turns dovish – Deutsche Bank
Deutsche Bank’s Early Morning Reid team reports that the S&P 500 broke a three-day losing streak, helped by a pullback in US Treasury yields and more dovish FOMC commentary. Despite strong US data and earlier upward pressure on yields, markets now price a much lower probability of an October Fed hike, supporting US equities into the upcoming jobs report.
British Pound holds near three-month lows, US Dollar shines as global yields surgeÂ
The British Pound (GBP) shows marginal gains against the US Dollar (USD) on Friday, with the GBP/USD pair trading just above 1.3200, yet unable to take any significant distance from the four-week lows at 1.3180 hit on Thursday.
US Dollar: Fed pricing supports Dollar resilience – ING
ING’s Chris Turner notes that the French debt sell-off triggered a reassessment of global rate expectations, but US short-dated yields only corrected modestly.
Hong Kong SAR Retail Sales: 5.6% (August) vs 4.5%
Hong Kong SAR Retail Sales: 5.6% (August) vs 4.5%
Breaking: US Nonfarm Payrolls rise by 29K in September vs. 90K expected
Nonfarm Payrolls (NFP) in the United States (US) rose by 29K in September, the US Bureau of Labor Statistics (BLS) reported on Friday. This print followed the 133K increase recorded in August (revised from 162K) and missed the market expectation of 90K by a wide margin.
Swiss Franc: Safe-haven appeal strengthens – Commerzbank
Commerzbank’s Michael Pfister argues that rising global bond yields and mounting government debt concerns are increasingly supporting the Swiss Franc over the Euro. He notes Switzerland’s debt brake and relatively sound public finances as key advantages.
Australian Dollar flattens against Japanese Yen after Tokyo CPI data
The Australian Dollar (AUD) turns flat at around 109.50 against the Japanese Yen (JPY) during the European trading session on Friday after recovering early losses.
Brazil Fipe's IPC Inflation registered at 0.51% above expectations (0%) in September
Brazil Fipe's IPC Inflation registered at 0.51% above expectations (0%) in September
Norway Registered Unemployment s.a above forecasts (0K) in September: Actual (79.516K)
Norway Registered Unemployment s.a above forecasts (0K) in September: Actual (79.516K)
Italy Retail Sales s.a. (MoM) came in at 0.3%, above forecasts (-0.1%) in August
Italy Retail Sales s.a. (MoM) came in at 0.3%, above forecasts (-0.1%) in August
Italy Retail Sales n.s.a (YoY) fell from previous 0.8% to 0.5% in August
Italy Retail Sales n.s.a (YoY) fell from previous 0.8% to 0.5% in August
ECB’s Rehn: Higher energy prices bring us closer to ECB’s adverse scenario for inflation
European Central Bank (ECB) official and Finnish Central Bank Governor Olli Rehn said during the European trading session on Friday that elevated energy prices bring us closer to the central bank’s adverse scenario for inflation.
Global Treasury yields ease amid rising France’s fiscal, political concerns
US 10-year Treasury note yield holds around 5.25% on Friday, pulling back from multi-decade highs as mounting concerns over France’s fiscal and political stability spurred demand for safe-haven assets. Despite this slight retreat, US yields remained near levels not seen since 2002.