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- Risk-on trading was the theme of the day amidst ongoing optimism over US-China trade and data that suggested Europe’s economy was stabilizing, though some of the optimism faded by the end of the US session.
- FX: The US dollar was the strongest major currency on the day, while the New Zealand dollar brought up the rear. We’re keeping a close eye on the RBA meeting and the AUD/USD during tomorrow’s Asian session.
- Commodities: Oil inched about 0.5% higher while gold was essentially flat
- See the key data and market themes we’ll be watching in the coming week!
- US indices closed higher on the day, though off the best levels after an afternoon fade.
- Energy (XLE) was by far the strongest sector on the day, while defensive Utilities (XLU), Consumer Staples (XLP), and REITs (XLRE) brought up the rear.
- Stocks on the move:
- Berkshire Hathaway (BRK.B) gained 1% today after reporting its biggest ever operating profit, boosted by record earnings at BNSF. The company’s cash stockpile now sits at $128B.
- McDonald’s (MCD) dropped -3% after its CEO was ousted following a relationship with an employee.
- Under Armour (UA) confirmed it was the subject of a government probe into its accounting, driving the stock down -18%.
- Uber (UBER) reported a net loss of -$0.68 per share on slightly lower gross bookings than expected. The stock is trading down by -4% in volatile after-hours trade.
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