Giovedi, 23 Novembre, 2017

European Markets Higher Ahead Of Key Jackson Hole Speeches

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       Investors should eye this indicator to read the Fed tea leaves Getty Images Investors should eye this indicator to read the Fed tea leaves
Sveva Terracina | 28 Agosto, 2017, 10:37

Stock markets around the world edged higher Friday ahead of a raft of speeches from top central bankers meeting in Jackson Hole, Wyoming.

Federal Reserve chair Janet Yellen made no mention of monetary policy or the economy in her highly anticipated remarks Friday at Jackson Hole Economic Symposium.

The main United States oil contract West Texas Intermediate edged down in early trade after surging at the end of last week as energy companies were forced to shut down some of their operations because of deadly Hurricane Harvey. The most watched events will come Friday, when Yellen and Mario Draghi, head of the European Central Bank, will each address the conference.

The US dollar index fell almost 50 points in the wake of the speech text having been released, to be quoted at month long low of 92.80, while the EUR/USD exchange rate surged almost 70 points to reach 1.1860. Though the euro rallied after the figures, trading 0.3 percent higher at $1.1787, most market participants think Draghi will be cautious in his remarks Friday.

Ms. Yellen said that the Fed was prepared to adjust the regulations in place in order to help financial institutions.

Traders read this to mean Yellen is still concerned about weak inflation and that a rate hike later this year is not likely.


While the European Central Bank president startled investors in 2014 by laying the groundwork for quantitative easing, his published remarks at the Federal Reserve symposium in Wyoming on Friday included nothing on policy makers' deliberations scheduled for September 7 or on their concerns over the euro's appreciation.

Expectations for tighter monetary policy in the USA have been dampened recently by soft inflation data. President Donald Trump has said she is among the candidates he is considering for the post; another is Mr. Trump's National Economic Council director, Gary Cohn.

Forbes Leckie, a broker with OMF, said the swap market - particularly at the front end - has been stable lately as the market is now pricing in the first rate hike in November 2018, a shift from a few months ago when it was February-March.

"The worry still remains about the 10-year (benchmark Treasury note) rate, still below 2.2 percent", said JJ Kinahan, chief market strategist at TD Ameritrade in Chicago. The announcement weighed on grocery store stocks such as Kroger Co, off 8.10 percent, and Wal-Mart Stores Inc, down 2.03 percent.

In Europe, Britain's FTSE 100 rose 0.5 percent to 7,420.

Ironically nonetheless, her silence on such matters may have played a hand in the subsequent rise in the single currency, which as of 1545 BST was higher by 0.53% to 1.1862.

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