Spreadex Market Update
Columbus Day quiet leaves US futures flat on eve of Q3 earnings season
The FTSE maintained the 30 point loss it incurred at the start of the day; in fact it is mildly impressive that the UK index didn’t tumble further as its oil and mining stocks (lead by Glencore, now down around 1.5% after initially being boosted by news of its double copper mine sale) gradually slipped into the red. The DAX, full of vigour at the open, slowly lost its lustre as Monday continued, now only up around 10 points but still, crucially, well above the 10000 mark.
It might be Columbus Day in the US, but the stock markets are still open. Not that you could tell, with the Dow Jones expected to start the American session flat at around the 17080 on the eve of the third quarter earnings season. With US investors doing whatever you do on Columbus Day there isn’t likely to be much action from America this afternoon, something that is hardly going to help spark the sloth-like European markets into life.
If there is to be any meaningful movement this Monday the most-likely source is a series of speeches from key FOMC members. It will be another instance for investors to try and gauge the current feeling in the Fed following vice-chair Stanley Fischer enigmatically (if typically) stating that a 2015 rate hike is ‘an expectation, not a commitment’ over the weekend. First up is Atlanta Fed President Dennis Lockhart, with the centrist last week claiming that an October or December lift-off is ‘most likely appropriate’. Following Lockhart is dovish Chicago President Charles Evans, who last Friday claimed that he favours a ‘somewhat later lift off’ than his FOMC colleagues. Finally sees Fed governor Lael Brainard, arguably the most important speaker, and someone whose views are unlikely to be too dissimilar from Fischer’s line-towing comments.
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