BT Three Minute Markets Update
Summary: BT's Chief Economist Chris Caton and our expert product managers provide a recorded regular update on current market conditions. The updates are current, quick and easy to listen to.
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Another negative session: DAX -1.6%, FTSE -1.4% - UK economy has been doing well but is only +1.8% for the year; S&P -0.6%, Dow -0.7%.
We will fall again: S&P -0.8%, Dow -0.6% but from very high, better than the ASX which fell below December 2013 levels.
Friday night was relatively quiet in New York, the Conference Board Index of leading indicators coming short of consensus. This week we have US home sales for August available tonight Monday, but have to wait until Thursday night for August durable goods report.
Weekly initial jobless claims down by 36,000 claimants; August housing starts tumbled to 956,000, down from July's 1.12 million print.
August CPI was anticipated to come in flat but posted a 0.2 contraction; airline fares plummeted 4.7% after collapsing 5.9% in July.
Ahead of the CPI release, the August PPI publication came in flat, shy of consensus and July's .1% gain.
August retail sales +0.6%, in line with consensus; Uni of Michigan Sept. index of consumer sentiment posted 84.6, the most elevated monthly print since July 2013.
Labour Department's latest claims report included the Labour Day holiday and claims are volatile around holiday periods. The American Federal Government's August budget deficit of $128.7bn was 13% smaller than the same period last year.
American economy contracted by 2.1% in Quarter 1, rebounded to 4.2% rate of growth in Quarter 2 and Quarter 3 GDP stands at 2.5% after July's relatively weak inventory report.
Release of last month's August National Federation of Independent Business survey index of small business optimism. Index at second highest reading since October 2007.
July Consumer Credit Report was unequivocally bullish - total American consummer credit up $26 billion.
US August payrolls report posted the weakest monthly print this year, and the first time since Jan that monthly job creations fell below 200,000.
ECB delivered a range of accommodating policy measures, cutting the key interest rate by 0.1% to 0.05%.
A volatile night - reports of a Ukraine-Russia ceasefire saw European equities gain almost 1.5% but were pulled back as reports changed.
Bond yeilds globally were higher as US data was stronger than expected; US PMI data painted the manufacturing sector in a postive light.
