10-16

Headlines this morning regarding a deal/l no deal Brexit, China said that would retaliate if “U.S. Congress passed a bill offering support to pro-democracy protestors in Hong Kong has caused   a choppy trade with a bit of Risk Off  sentiment. There is an EU summit-taking place Thursday/Friday and all would like a Brexit deal that both side agree upon, thus the reaction in markets to any Brexit headlines. Also Adding just a bit of nervousness to markets  is the overnight repo rate opened at 2.16% above the Fed funds rate corridor of 1.75-2, let’s see if the markets adjust accordingly and get that rate back down below 2%. Today we will see the first round of Not QE QE purchases of T-bills. Bank of America Earnings a bit better than expected, stock +2%

Markets:

Platinum ETFs are seeing a record amount of inflows this year 40%. Palladium touched another new all-time high today

Spoos Lower, Dax steady to higher, Bunds a bit lower ,Treasuries bouncing a bit Gold continues to trend lower and oil +.5% as Chatter growing that OPEC will need to cut production in December as the demand outlook continues to trend lower.

Economic Calendar:

Retails sales Missed expectations from headline number to control group

Fed speak:

  • 9:45 Evans
  • 12:00 Kaplan

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