(As of 7:05 am PST)
US
stocks opened flat to start Wednesday’s session and have been see-sawing near the unchanged line throughout the first hour of trading. There is very little
economic data to lift investor sentiment, and so we seem to be stuck in a
narrow trading range that should persist most of the day. A weak report out of
China overnight showed China’s manufacturing activity falling to a 6 ½ year low
in August, underscoring concerns over the growth of the world’s second largest
economy. In Europe, stocks began the day on a down note, but quickly turned around
after European Central Bank President Mario Draghi took to the stage to address
the parliament. Draghi spoke with a hawkish tone, addressing the weak
macro-economic conditions that plagued markets and investors throughout the summer, but
reiterated that the central bank would adjust its monetary policies if
necessary. Commodity prices are bouncing back after slumping yesterday with
gold and oil modestly higher. Interest rates are up slightly after tumbling
yesterday as the 10 yr. treasury yield hovers near 2.15%. It’s an uninspiring
day to say the least, with little data to upset the market, yet little to
propel it higher.
No comments:
Post a Comment