View our guide on how to interpret the FX Dashboard.
- 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.
StoneX Financial Ltd (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.