NEWS STORIES OF NOTE FROM OVER THE EU & US SESSIONS: US stocks just about finished positive to extend on record levels with energy the outperformer following gains in crude, while Apple continued to weigh on tech

UK

UK Chancellor Hammond said Brexit requires a "time-limited interim period" in which the UK can maintain two-way market access. (Newswires)

UK ILO Unemployment Rate (Jul) 4.3% vs. Exp. 4.4% (Prev. 4.4%)
UK Claimant Count Unem Chng (Aug) 2.8k vs. Exp. 0.6k (Prev. -4.2k, Rev. 2.9k)
UK Avg Wk Earnings 3M YY (Jul) 2.1% vs. Exp. 2.3% (Prev. 2.1%)
UK Avg Earnings (Ex-Bonus) (Jul) 2.1% vs. Exp. 2.2% (Prev. 2.1%)


EU

ECB’s Praet said the risks of deflation have largely disappeared and that maintaining steady policy critical to fostering a durable convergence of inflation towards target. Praet added that the strength and resilience of the recovery tends to boost our confidence that reflationary forces will gradually support headline inflation. (Newswires)

EU Industrial Production MM (Jul) 0.1% vs. Exp. 0.1% (Prev. -0.6%)
EU Industrial Production YY (Jul) 3.2% vs. Exp. 3.4% (Prev. 2.6%, Rev. 2.8%)
 

US

OMB Director Mulvaney said there is a general understanding of lowering corporation tax, and carried interest should go away at least in part. (Newswires)

US PPI Final Demand MM (Aug) 0.2% vs. Exp. 0.3% (Prev. -0.1%)
US PPI Final Demand YY (Aug) 2.4% vs. Exp. 2.5% (Prev. 1.9%)

 

COMMODITIES

US EIA Weekly Crude Stocks (w/e) 5.888M vs. Exp. 3.238M (Prev. 4.580M). (Newswires)
US crude production rose 6.51% to 9.353mln bpd (most likely a rebound from Harvey-inspired fall in production last week)

Nigerian Energy Minister Kachikwu said the country is currently pumping 1.63mln bpd and will pump between 1.6mln-1.7mln bpd in 2018. The minister also added that they will accept output cap if able to hit 1.8mln bpd for 6 months and forecasts oil at USD 55/bbl in 2017 and in the USD 60s/bbl level in 2018. (Newswires)

 

GEOPOLITICAL

US military sources stated North Korea was observed moving mobile missile launchers and preparing hard sites in the last 48 hours. (Newswires)

 

MARKET RECAP

Stock indices were struggling to add to Tuesday’s record highs but managed to go positive in late trade, registering fresh closing highs. Energy names were leading gains, tracking the rise in crude prices following reports from the IEA, weekly inventory data, as well as OPEC-speak. Apple again weighed on the tech sector following its product launch on Tuesday, while Western Digital was among the worst performers after JV partner Toshiba signed an agreement overnight to sell its chip unit to a South Korean consortium. At the close, S&P 500 +0.07% at 2,498.24; DJIA +0.17% at 22,156.39; NDX +0.15% at 6,004.38.

Treasury yields were modestly higher throughout the session, though did ease slightly after a lackluster auction of 30-year bonds, which tailed by 0.3bps. US 10-Year Tsy Futs (Dec) settled 6 ticks lower at 126-14+.

13 Sep 2017 - 22:25- EnergyBank Speaker- Source: Newswires

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