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| U.S. equities finished mixed after turning to the downside following news that the Bank of England set a three-day deadline to end its bond buying initiative and for pension funds within the U.K. to rebalance. Action was choppy most of the day, as investors awaited tomorrow’s first look at the highly anticipated September inflation data. Now, according to the Schwab Center for Financial Research, the markets appeared to be on edge at the prospect of further monetary policy tightening, which could be enhanced by the inflation reports. In light economic news, small business optimism unexpectedly increased but remained below the 48-year average for a ninth-consecutive month. On the equity front, Leggett & Platt lowered its full-year guidance, KLA Corporation ceased some of its business with China-based customers following export restrictions, while a proposal from the Labor Department is pressuring ride-hailing and food-delivery companies. Treasury yields were mixed after a return to action following yesterday’s holiday. The U.S. dollar finished modestly higher in its own whipsaw session, crude oil prices fell, and gold was also lower. Asian markets were mostly lower following new export rules on semiconductor chips from the U.S., while European stocks were lower as the Bank of England announced further intervention to try to ensure financial stability. The global markets continue to grapple with the possibility of future global rate hikes as inflationary concerns remain. |
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Filed under: Alerts Sign-Up, Alternative Investments, Experts Invited, Investing | Tagged: asian markets, bonds, dollar, equities, oil, Schwab |
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