Stocks Rally To Start Big Week For Meetings, Statements And Speeches
Colin Cieszynski | Sep 18, 2017 09:36
U.S. stock markets have picked up where they left off Friday, with the Dow breaking out to a new all-time high, the S&P 500 breaking through 2,500 and the Nasdaq 100 clearing the 6,000 level. Overseas are also rising with the FTSE and Dax up 0.3%, while the Nikkei gained 0.5% and the Hang Seng popped 1.25% overnight.
Positive sentiment has been boosted over the weekend that some of the political risks out there particularly surrounding the U.S., both internally and internationally, may be easing. Following on from President Donald Trump’s budget deal with Democrats and talks on immigration, there has been chatter that the U.S. could be talked into staying in the Paris Climate Accord under the right deal. Trump speaks to the UN General Assembly tomorrow and is expected to be in New York for four days this week for meetings with other world leaders.
Sterling has softened a bit but today’s overdue correction remains light in comparison with the gains made Thursday and Friday last week. GBP pairs cold be active again today with Bank of England Governor Mark Carney speaking to the IMF, a formal opportunity to comment on changing policy. Speaking of which, Bank of Canada Deputy Governor Timothy Lane is speaking today which could spark activity in CAD, with traders looking for hints as to whether the BoC is considering another Canadian rate hike this year or not.
Also today, we may see traders positioning for Wednesday’s FOMC meeting and the Bank of Japan meeting Wednesday night. JPY continues to weaken on a combination of other central banks moving in a more hawkish direction and capital coming out of defensive havens.
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