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Third Phase Excesses

Daily Recap

Following lower equities prices in Asia and higher equities prices in Europe, US shares opened little changed this morning but edged higher as so often in the recent past. The Asia Dow lost 0.14%, while the STOXX 600 gained 0.33% to a 5-month high. Good economic news on joblessness and GDP outweighed a weak inflation number in Europe; good earnings news helped as well.

 

Fixed income markets are quiet, with most government bonds up or down 2/32 or less. Traders are focused on the Fed's next monetary policy statement tomorrow, along with President Trump's choice for Fed Chair to replace Janet Yellen later in the week. The US dollar index was up 0.10%, to 94.56.

 

Precious metals keep pressing to the downside, ignoring the latest revelations and charges against former Trump administration members. Gold lost $6/oz. to $1270; silver fell 14 cents, and platinum was unchanged. The mining shares still can't ... Log in or subscribe to continue reading.


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