Our Market Comments as of September 15th, 2014 US equity markets closed the Friday trading session in negative territory, after a sharp sell off in the last hours of trading. The S&P500 lost -0.6% on the day, followed by the Dow Jones Industrial lower by - 0.36%, whereas, the #Nasdaq Composite closed lower by - 0.53%. Selling momentum was fuelled by hawkish expectations ahead of this weeks FOMC meeting, were is widely anticipated more details on interest rate path is expected to be presented by Janet Yellen. Sitting at all high time levels, equities scimmed their early gains and fell the pressure of UST yields rising again above 2.6% on 10UST. USD was also stronger and commodities saw more weakness ahead of lower China demand and global growth. On the #macroeconomic front we saw the releases of consumer data within the US. In more detail., monthly Advance retail sales rose at a 0.6% pace, signifying stronger consumer strength and stronger purchasing appetite since last month growth was seen at 0 (revised higher at 0.3%). In addition, we saw the release of the University of Michigan confidence which rose at 84.6 vs the 83.3 expected. Such strong data added to the rhetoric of higher interest rates to accomodate a strongly growing economy in the States. European markets are opening lower this morning after a weaker Asian session in addition to the above.
Posted on: Mon, 15 Sep 2014 12:29:43 +0000
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