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Market Brief: Ho-Hum Day Concludes, Traders Eye AU CPI and Fed
View our guide on how to interpret the FX Dashboard.
The UK is honing in on a general election in the December 9-12 window, and with Conservatives sporting a comfortable lead in the polls, there’s optimism that a new majority could finally deliver Brexit. That said, UK polls have been proven wrong before, so the risk of a potential hung Parliament remains.
FX: The aussie was the strongest major currency, while the loonie brought up the rear. All the other majors were quiet, moving less than 0.10% against one another.
US data: Conference BoardConsumer Confidence (Oct) came in at 125.9, a tick below expectations of 128.0. Pending Home Sales (Sept.) rose 1.5%, above 0.8% anticipate. The Case-Shiller home price index rose 2.03% y/y, roughly in-line with the 2.1% rise eyed.
Commodities: Both gold and oil edged lower on the day.
See our preview of tomorrow’s Federal Reserve meeting, as well as a twofer on tonight’s AU inflation report here and here.
US indices finished a choppy day moderately lower as traders continued to digest earnings reports.
Health care (XLV) was the strongest sector on the day; Communication Services (XLC) was the weakest.
Stocks on the move:
Beyond Meat (BYND) dumped -22% after reporting its first ever profit. It’s worth noting that the initial lockup on insiders selling shares expired today, so profit-taking undoubtedly played a big role in the stock’s selloff.
Google parent company Alphabet (GOOG) shed -2% after reporting disappointing earnings after the bell yesterday.
Grubhub (GRUB) dumped -43% as the company reported disappointing earnings amidst heavy competition. Five major analysts all downgraded the company’s stock.
General Motors (GM) tacked on 4% after reporting better-than-expected earnings, despite a nearly $3B hit from the UAW strike.
See our full preview ahead of Apple’s (AAPL) earnings report!
Original from: www.forex.com
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