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Stocks wobble on trade, earnings anxiety; U.S. Treasury yields fall
Author: gq9u2N5ksb
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Weekly Fundamentals – Saudi’s Exports on Refined Products Reached Record High, Showing No Intention to Rescue Oil Price
Crude oil was under pressure for most of the week, despite a rebound on Thursday after the news about Saudi’s cut in supply. The recent sell off has mainly been driven by supply-side issue with the Kingdom reluctant to cut production while Libyan production on the rise. The widening spread between Arab Light crude and the DME Oman average indicated the Kingdom has accepted lower price for regaining market share.
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Weekly Fundamentals – Saudi’s Exports on Refined Products Reached Record High, Showing No Intention to Rescue Oil Price -
Focus in Europe, Weak Response on ECB’s First TLTRO, Scottish Referendum
Wall Street firmed as lower-than-expected jobless claims upstaged unexpected decline in housing starts in August. The market also appeared to have digested the Fed monetary stance in September. Investors turned their focus in Europe, gauging the implication of ECB’s announcement that 255 European banks borrowed only 82.6B euro at the first TLTRO.
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Focus in Europe, Weak Response on ECB’s First TLTRO, Scottish Referendum -
Yellen Showed no Signs of Tapering Deferment, Weak Data Due to Weather
US data was mixed but Wall Street continued to climb higher. Fed Chairman Janet Yellen in the testimony suggested that recent weakness in the economic dataflow could be driven by weather impacts, though she stressed the central bank would pay attention to upcoming indicators so as to ensure that there’s no fundamental slowing.
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Yellen Showed no Signs of Tapering Deferment, Weak Data Due to Weather -
Weekly Fundamentals – Fed’s Tapering Weighed on Gold but Boosted Crude
The focus last week was undoubtedly Fed’s announcement of the beginning of QE reduction from January 2014. The immediately impacts on commodities were divergent, lifting crude oil prices amid expectations of demand improvement but pressuring precious metals as the US dollar strengthened and the 10 year Treasury yields increased.
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Weekly Fundamentals – Fed’s Tapering Weighed on Gold but Boosted Crude -
US Stocks Soared as Fed’s Tapering would Likely be Moderate
US shares ended the day higher although both Asian and European stocks weakened during the day. It appears that investors expect the Fed’s tapering would only be carried out at a moderate pace. Moreover, the market has remained optimistic that the Fed’s monetary policy outlook would continue to be accommodative, especially after Larry Summers has withdrawn from the Fed Chairman candidacy. In the commodity sector, crude oil prices plummeted as geopolitical tensions eased upon a US-Russian deal to disarm Syria’s chemical weapons and Libya’s oilfields resumed operation.
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US Stocks Soared as Fed’s Tapering would Likely be Moderate -
Sentiment Buoyed by Encouraging PMI and Obama’s Seeking for Congressional Approval over Syrian Case
While the US market was closed for Labor Day holiday, European markets fared better amid better than expected PMI data. Investors’ sentiment was also buoyed by US President Barack Obama’s decision to seek congressional approval before implementing military strike over Syria.
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Sentiment Buoyed by Encouraging PMI and Obama’s Seeking for Congressional Approval over Syrian Case