ALPHA Market Update 17 October 2018

17.10.2018

Market Update

 

 

United States

  • Building Permit and Housing Starts data will be published at 13:30
  • FOMC Member Brainard Speaks and FOMC Meeting Minutes will be held at 17:10 and 19:00 respectively
  • Morgan Stanley’s quarterly revenues were both higher than expected, and it was strong in trading and investment banking. It was the only three of Wall Street’s five major businesses – fixed income, stock trading and investment banking all exceeded market expectations.
  • In the third quarter, Goldman Sachs’ EPS per share rose 25% year-on-year. Both revenue and profit exceeded market expectations. The investment banking business remained the biggest surprise. Goldman Sachs rose 2.2% at the beginning
  • JOLTS is a labour market indicator that former Federal Reserve Chairman Yellen is highly concerned about. This year’s JOLTS vacancies have reached a record high of five months. In August, the number of vacancies in the fifth consecutive month exceeded the number of unemployed, reflecting that the number of employees who lost their jobs after changing jobs was also close to historical highs.
  • The S&P 500 index closed up 2.15%. Dow Jones rose 2.17%. The NASDAQ rose 2.89%. The stock price of Netflix soared 15%

Europe

  • Theresa May will urge EU leaders in Brussels on Wednesday to keep the door open to continuing Brexit negotiations, after a two and a half hour cabinet meeting that underscored the challenge of bridging the gap between London and Brussels in the days ahead. May told her colleagues on Tuesday: “If we as a government stand together and stand firm, we can achieve this.” But a string of ministers intervened to stress the importance of time-limiting the Irish backstop and ensuring it did not separate Northern Ireland from the rest of the UK – both areas where the UK and the EU27 remain at loggerheads. The attorney general, Geoffrey Cox, said any Northern Ireland-only arrangements for customs after Brexit could mean the province was “torn out of the UK” and leaves it “controlled by the EU,” according to one source.

 

United Kingdom

  • Expectation for sideway trading was wrong as GBP staged a strong advance and hit a high of 1.3235. The up-move is running ahead of itself and from here, we see slim odds for GBP breaking above the 1.3235 high. That said, it is too early to expect a sustained pullback. GBP is more likely to consolidate its gains and trade sideways, likely within a 1.3140/1.3225 range

Australia

  • No News

New Zealand

  • No News

Commodities

  • Oil prices extended gains into a fourth session on Wednesday, buoyed as industry data showed a surprise decline in U.S. crude inventories and as geopolitical tensions over the disappearance of a prominent Saudi journalist stoked supply worries. U.S. West Texas Intermediate crude was up 15 cents, or 0.2 percent, at $72.07 a barrel by 0255 GMT on Wednesday, having settled up 14 cents. Brent crude was up 12 cents, or 0.2 percent, at $81.53 a barrel, after settling up 63 cents the session before. The global benchmark, which hit a more than two-week low late last week as equity markets dropped, is trading around $5 below a four-year high of $86.74 marked on Oct. 3. U.S. crude inventories fell by 2.1 million barrels last week, compared with analyst expectations for a build of 2.2 million barrels, American Petroleum Institute data showed after Tuesday’s settlement.
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