Uncategorized

FC: US CLOSING REPORT: MONDAY – 21ST – AUGUST – 2017at 09:01PM

US cash equity markets are little changed at the closing bell (DJIA +0.1%, S&P +0.1%, NASDAQ 0.0%). Energy shares have lagged as oil prices turned lower this afternoon with US crude futures settling at $47.37 (-$1.14). Geopolitical concerns have also played their part after the US and South Korea held a joint military exercise over the weekend – much to the annoyance of the North Korean government. As such, perceived safe-haven assets have gained today with Treasuries, gold and the Japanese Yen all ahead. Another potential risk event, namely the US debt ceiling, is also coming into play and US officials have made some remarks on the issue this afternoon. US Treasury Secretary Mnuchin said they aim to work with congress to raise the debt limit, adding that they have a strong preference for a clean bill. Senate majority leader McConnell meanwhile stated there is zero chance that Congress would fail to raise the debt ceiling by late September.
 
Key Headlines/Data:
* Bundesbank’s Dombret said he has concerns over the high level of non-performing loans in Europe.
* US Treasury Secretary Mnuchin said they aim to work with congress to raise the debt limit, adding that they have a strong preference for a clean bill
* Senate majority leader McConnell stated there is zero chance that Congress would fail to raise the debt ceiling by late September.
* US crude futures settled at $47.37 (-$1.14) | Brent crude futures settled at $51.66 (-$1.06)