- FX:The safe haven yen was the strongest major currency, despite a midday turnaround in risk appetite. The kiwi was the weakest major currency after the RBNZ’s surprise 50bps interest rate cut.
- Commodities: Oil tumbled about 2.5% more on the day, while gold gained nearly 2% to rally through the psychologically-significant $1500 level.
- US indices fought back from steep early losses to finish near unchanged on the day. Bond yields also reversed back to the topside after a poor 10-year bond auction midway through US trade.
- Consumer staples (XLP) were the strongest sector on the day. Financials (XLF) were the weakest sector.
- Stocks on the Move:
- Walt Disney (DIS) shed nearly -5% after a rare miss in earnings as the company’s Star Wars theme park attractions drew fewer attendees than anticipated. The company launches its highly-anticipated streaming service in November.
- CVS Health (CVS) tacked on more than 7% after reporting strong earnings.
- Flooring company Lumber Liquidators (LL) dumped almost 10% after reducing its same-store outlook to “approximately flat.”
- Uber (UBER, +1%) is set to report earnings after the bell tomorrow.
GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.