Main points for today by Marshall Gittler. • No improvement in the US budget standoff Obama tells Congressional leaders he won’t negotiate until government is back to work and the debt ceiling is lifted. Both sides seem digging in. Many Republicans would like to fold, but so far the leadership shows no signs. • Italy on the other hand avoids a government collapse as Berlusconi throws in the towel. Italy 1, US 0. EUR higher as a result. • Tapering delayed due to lack of data and hit to US growth. US rates and rate expectations lower (also stocks) • USD lower against virtually everything, including EM currencies. JPY, CHF to benefit; EUR also due to SNB intervention • Today: Service-sector PMIs. China’s rose overnight. Italy, UK, US to release their figures; Eurozone (plus France & Germany) to release final • No US government data while the stand-off continues (includes jobless claims, NFP)
Posted on: Thu, 03 Oct 2013 05:44:55 +0000
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