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Daily Recap

In a relatively quiet day, US stocks struggled to gain back some of yesterday’s declines. Asian and European markets finished lower, with the STOXX 600 down 0.5% and the Global Dow losing a mere 0.1%. 

 

In the U.S., the main features were lower oil prices (crude down 1%) and further evidence of a Fed hike by December. Just released minutes of the Fed’s September meeting leads traders to give such a rate increase by year end a 70% probability, in line with the current thinking, and thus no surprise. 

 

The dollar was up slightly again. Let’s take a closer look at that market, which has moved more towards center stage lately. The US dollar’s recent strength has hurt the precious metals and also the stock market to a lesser degree. Whether the dollar continues to trend higher or not, therefore, is an important question. It has moved sideways for the past ... Log in or subscribe to continue reading.


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