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FC: US CLOSING REPORT: THURSDAY – 28TH – SEPTEMBER – 2017 September 28, 2017 at 09:01PM

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US CLOSING REPORT

THURSDAY28TH – SEPTEMBER – 2017

US cash equity markets are little changed at the closing bell (DJIA +0.2%, S&P +0.1%, NASDAQ 0.0%). Optimism surrounding prospects for US tax reform have dissipated somewhat since yesterday’s announcement and this has also led to a pullback in the US Dollar today. White House Economic Cohn did add this afternoon that he hopes to get tax reform done in the House by October and in the Senate by November. Treasuries meanwhile remain mixed with the 30-year bond lower and the rest of the curve in the green – US government bonds did nudge slightly higher after a strong seven year note auction. Elsewhere, the Mexican Central Bank kept their benchmark overnight rate on hold at 7.00% and signalled to change to their current rate trajectory. In Europe, European Parliament’s Vehofstadt took a swipe at UK PM May as he suggested that she has chosen Florence for her EU speech because she is familiar with the 15th century Florentine political traits of backstabbing and betrayal. He added that Brexit is very negative and a waste of time and energy.

 

Key Headlines/Data:

*  European Parliament’s Vehofstadt said UK PM May could have chosen Florence for her EU speech because she is familiar with the 15th century Florentine political traits of backstabbing and betrayal. He added that Brexit is very negative and a waste of time and energy.

*  OPEC Secretary General Barkindo – There are clear signs that the market is rebalancing. However, now is not the time to let up

US sells $28.0 Bln of 7-Year Notes:

  • Bid to Cover: 2.70 versus 2.46 previous
  • Indirect Bidders: 70.6% versus 68.8% previous
  • Direct Bidders: 19.0% versus 16.6% previous
  • Yield: 2.130% (WI: 2.144%)

US crude futures settled at $51.56 (-$0.58)  |  Brent crude futures settled at $57.41 (-$0.49)

*  Mexican Central Bank kept their benchmark overnight rate on hold at 7.00% and signalled to change to their current rate trajectory.

*  White House Economic Advisor Cohn said he hopes to get tax reform done in the House by October and in the Senate by November.

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