Daily Digest: Monday 16th September
USA
Former US President Donald Trump has made headlines after a second attempt upon his life was reportedly made during a visit to Palm Beach’s Trump International Golf facility on Sunday. Secret service personnel were able to able to engage the suspect before Trump was targeted, and the individual was later detained near the scene. The Former President released a statement shortly after the incident, updating supporters on his safety and remaining defiant as he heads toward November’s elections. The incident has once again drawn attention to the stakes involved in this year’s US elections, as well as the hostility and fragility of the current political environment.
In terms of markets, traders have ramped up their bets for a September rate cut following last week’s CPI data prints. Market expectations are now almost evenly split between a 25 or 50 basis point move following the Fed’s meet this Wednesday. Equity activity at the open was generally negative, by 5pm GMT, the S&P 500 ($SPX) had fallen 8.47 points (0.15%), while the Nasdaq 100 ($NDX) experienced sharper declines, falling 161.05 points (0.83%) to 19,353.53. The Dow ($INDU) was the only major index exhibiting gains from the open, edging 110 points (0.27%) higher. Early session losses were heavily weighted toward the big tech sector, with the tech constituents of the Nasdaq 100 alone falling 1.27%.
Europe
Rightmove’s monthly HPI data released Monday morning suggests that the price of new listings was rising at its fastest rate in several months. Data implies that prices had risen some 0.8% on a MoM basis against a backdrop of mixed fundamentals, including falling interest rates, higher listings activity, and slow development figures.
The UK’s benchmark equity index, the FTSE 100 (FTSE) closed the session marginally higher 5.35 points (0.065%) at 8,278.44, just shy of 200 points short of the indices 52-week highs. Shifting focus onto the continent, the Pan-European STOXX 600 (€SXXP) fell 0.84 points (0.16%) to 515.11, while the German DAX (€GDAXI) fell 66.29 points (0.35%) to 18,633.11, and the French CAC (€FCHI) fell 15.81 points (0.21%) to 7,449.44.
Rest of the World
Asian markets seemed to set the tone for wider performances into the new trading week. The benchmark Chinese equity index, the Shanghai Stock Exchange Composite Index (¥SSE), remains at 2,704.09 due to a national holiday. Meanwhile, the Japanese Nikkei 225 (¥N225) fell 251.51 points (0.68%) to 36,581.76. The Nikkei is now trading in excess of 6,000 points higher than its August lows as traders attempt to recoup their losses from earlier in the month.
The Indian Nifty 50 (₹NSEI) was the only real outlier, rising 27.25 points (0.11%) to 25,383.75 bucking the broader session trend.
What to watch Tomorrow
US Core Retail Sales (MoM)
Sources:
https://uk.finance.yahoo.com/world-indices/
https://uk.finance.yahoo.com/commodities
https://www.londonstockexchange.com/indices/ftse-100
https://www.binance.com/en-GB/price/bitcoin
https://www.binance.com/en-GB/price/ethereum
https://qontigo.com/index/sxxp/
Stock Market Activity Today & Latest Stock Market Trends | Nasdaq
https://coinmarketcap.com/charts/#market-cap
https://www.forexfactory.com
Definitions:
YoY - Year on Year, or, Year over Year
MoM - Month on Month, or, Month over Month
QoQ - Quarter on Quarter, or, Quarter over Quarter
ECB - European Central Bank
BOJ - Bank of Japan
Fed - Federal Reserve
BOE - Bank of England
SNB - Swiss National Bank
DOJ - Department of Justice