NEWS STORIES OF NOTE FROM OVER THE EU & US SESSIONS: US stocks finished higher with Nasdaq 100 leading the surge after rebounding from a 3-day losing streak, while materials was also among the outperformers amid firm gains in their European counterparts

EU

German ZEW Current Conditions (Aug) 86.7 vs. Exp. 85.5 (Prev. 86.4). (Newswires)
German ZEW Economic Sentiment (Aug) 10.0 vs. Exp. 15.0 (Prev. 17.5)
 

US

Federal Reserve discount rate meeting minutes reveal that Federal Reserve banks unanimously voted to leave the discount rate unchanged at 1.75% at its most recent meeting. (Newswires)

 

Commodities

US API Crude Oil Inventory Report (Aug 18) W/W -3595K (Prev. -9155K). (Newswires)
API Gasoline Inventories (Aug 18) W/W 1402K (Prev. 301K)

Libya's Sharara now said to be open following the latest shutdown. (Newswires)


MARKET RECAP

Risk sentiment turned positive today as base metals continued to rally alongside strong European corporate earnings from the materials sector, while US tech names bounced, although news flow was once again light. US stocks ended the day higher, with the Nasdaq outperforming. The S&P 500 closed up 0.99% at 2,452.49, the NASDAQ closed up 1.50 % at 5,873.33 and the Dow closed up 0.90% at 21,899.96.

US Treasuries ground lower as risk ticked higher, although the trade in the space was uneventful. It is worth noting that the JPMorgan client survey revealed that the bank’s Treasury clients were holding relatively neutral positions heading into the Fed’s annual Jackson Hole Symposium later this week. US Sep’17 10y T-note futures settled at 126.18, down 9 ticks.

22 Aug 2017 - 22:11- Fixed IncomeImportant- Source: Newswires

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