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Fed watch

Published Wednesday, September 16th, 2015

Another downbeat session on Chinese bourses was shrugged off by European and US stock indices which rediscovered their vigour amid thin trading ahead of this quarter’s main risk event. The underlying tone remained one of caution with investors none the wiser as to the outcome of the FOMC two-day meeting which gets underway today. Nevertheless, shares either side of the Atlantic managed to post healthy gains following the release of a mixed batch of economic reports with risk assets expected to make further tentative advances today as markets enter ‘Fed watch’ mode.

Trade data out of the eurozone fuelled hopes of a strengthening recovery after the bloc’s surplus climbed to a fresh record high in July of €31.4 billion on rising exports from Germany and a subdued euro. This encouraging data release was however slightly soured by a gauge of German investor confidence which more than halved this month from August’s reading. Prospects for US consumer spending were given a helping hand by core retail sales data which pointed to a 0.4% rise last month while July’s reading was revised upward to +0.6%. There was a more sobering release in the form of softer US industrial output figures which highlighted a more-than-expected dip of 0.5% in August compared with the previous month.

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Posted by Stephen Brennock

Stephen Brennock joined PVM in 2013 after having worked as a project manager for a business development firm. He graduated with a degree in Business Management in 2007.