Meanwhile, the UAW union automaker strike has begun with around 11k workers touted to have walked out in the US, the UAW president said later on Friday that the union would be back at the bargaining table on Saturday, although there remains a healthy amount of scepticism amongst commentators on just how quickly a resolution will be found. Oil prices were slightly firmer in choppy trade, confirming their third consecutive W/W gain, amid the strong China and US data, as well as some supply updates. Treasuries were sold, although most of the downside came in the European morning, with desks attributing some hawkish ECB source reports in the FT to the EGB-led weakness. While on the inflation front, a strong jump in the August US import/export prices was offset by downward revisions and the fall in the Michigan survey's consumer inflation expectation gauges. The stock selling came despite the largely strong data, with the hot Chinese activity data followed by the jump in the NY Fed's manufacturing survey and strong US industrial production, although the Uni of Michigan sentiment survey did disappoint expectations. The stock selling built in the pre-market and accelerated after the cash open, hitting lows in the NY afternoon. Stocks were sold through the session on Friday with NDX weakest amid a chunky 'Quad Witching' options expiry in the absence of obvious news-driven catalysts.
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