News

The Pound Sterling (GBP) rises to near 1.3440 against the US Dollar (USD) after the release of the UK GDP data.

Democrats and Republicans in Congress remain divided over the question of whether a bill to end the shutdown should extend enhanced Obamacare tax credits.

Nestle said Thursday it will cut 16,000 jobs as the firm’s new CEO Philipp Navratil looks to accelerate a turnaround at the consumer goods giant.

ECB’s Lagarde is speaking and is keeping consistent with more recent comments

• Growth inflation risks have become more balanced
• ECB as well positioned to face future shocks

This article was written by Greg Michalowski at investinglive.com.

BOJ Shimizu is on the wire saying:

• Inflation expectations in Japan are still below 2%, so the BOJ must lift expectations and continue to support economic activity.

• It is not known exactly how Japan’s economy will react to the new environment of higher interest rates, which is why the BOJ must proceed carefully with policy normalization.

• If the BOJ is sufficiently confident about the future path of the economy, it can proceed with policy normalization.

Shimizu struck a cautious tone, emphasizing that inflation expectations remain subdued and that normalization depends on Japan’s economic resilience. Confidence in the recovery will be key before the BOJ commits to further tightening.

This article was written by Greg Michalowski at investinglive.com.

FBI agents on Aug. 22 raided John Bolton’s Maryland home and office in Washington, D.C. as part of a criminal investigation.

The program will sell Xofluza through three pharmacies with a $50 cash pay option, which is 70% lower than the pill’s current list price before insurance.

As European traders head for the exits, the S&P index has given up their gains. The Dow industrial average is also negative on the day. The NASDAQ index is holding onto modest gains but well off the highs.

Looking at the S&P index, it traded as high as 38 point to a point before rotating back to the downside. The low price has seen the index declined by -8.72 points. The current price is down -4.77 points or -0.07% at 6666.56.

The Dow industrial average was also higher by as much as 169.03 points. It is currently down -36 points or -0.09% after reaching a low at -75.30 points.

The NASDAQ index is still holding onto small gains of 15 points or 0.06%. However it was as high as 216.79 point at session highs.

In the European markets today, major indices closed higher:

• German DAX, +0.38%
• France’s CAC, +1.38%
• UK’s FTSE 100, +0.12%
• Spain’s Ibex, +0.48%
• Italy’s FTSE MIB +1.12%.

In the US debt market, yields are lower:

• 2 year yield 3.476%, -3.2 basis points
• 5 year yield 3.602%, -2.8 basis points.
• 10 year yield 4.018%, -2.7 basis points
• 30 year yield 4.615%, -2.3 basis points

This article was written by Greg Michalowski at investinglive.com.

• Prior was +3715K
• Gasoline -267K vs -75K expected
• Distillates -4259K vs -294K expected

API inventory data from late yesterday:

• Crude +7.36 million
• Gasoline +2.99 million
• Distillates -4.79 million

I take this as modestly bullish for crude on that big distillate draw. Yes, the crude number was negative but not as bad as API.

This article was written by Adam Button at investinglive.com.

The EURUSD began the U.S. session near the day’s lows and the 100-day moving average at 1.16455. When that level was tested, buyers leaned against it, halting the decline and flipping the short-term bias higher. Momentum picked up, lifting the pair to a new session high above the Asian-Pacific peak at 1.16746, though it fell short of the October 7 swing high at 1.16804. The 38.2% retracement of the September decline sits just above at 1.1685, reinforcing that area as a key topside barrier.

Since then, the pair has eased back, currently trading near 1.1667.

So what’s next?

With the pair breaking and holding above the 100-day MA, the near-term bias tilts in favor of buyers. Still, a sustained move above 1.1680-1.1685 is needed to confirm a shift in broader sentiment and open the door to further upside momentum.

On the downside, watch 1.16596 — the upper edge of the prior swing area — as immediate support. If that level holds on a dip, it would signal buyer confidence and could lead to another push toward 1.1685 and beyond.

This article was written by Greg Michalowski at investinglive.com.