Equity brief Not Fighting the Fed
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Stock market snapshot as of [9/7/2019 4:56 PM]
- Markets agree that it is futile to fight the Fed, so on the eve of chair Jerome Powell’s testimony to congress, European and U.S. stock indices returned some of their recent hard-won gains
- The surreptitious move into sectors perceived to be ‘safer’ continues, as do moves into more outright safe-havens, particularly developed-market sovereign debt and gold
- Wall Street trading has been choppier than Europe’s, but with minutes and Fed commentary on tap, shares on both sides of the Atlantic are likely to face another shaky session and a half at least; maybe more, depending on whether or not Powell confirms a July rate cut
Corporate News
- Europe ended firmly in the red. A spate of profit warnings from huge groups like BASF and Danske Bank dented sentiment further following Deutsche Bank’s ambivalently received revamp plan a day ago
- Nasdaq indices outpace the broader market as Semiconductor and Semiconductor Equipment indices continue to lead the broader U.S. technology sector higher
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