Market Brief: Pound Caps Off a Big Week with a Surge to 7-Week Highs at 1.25
Matt Weller, CFA, CMT September 13, 2019 3:58 PM
- FX: The British pound was the strongest major currency, taking GBP/USD to its highest level in seven weeks. The loonie was the weakest major currency on election concerns, dropping to a nine-day low against the greenback.
- US data: US retail sales came in mixed, with the headline figure printing at +0.4% m/m vs. +0.2% eyed, but the “Core” reading was flat vs, a +0.1% reading expected. Separately, UofM Consumer Sentiment beat expectations at 92.0 vs. 90.8 eyed.
- See the key trends and themes we’ll be watching next week!
- Commodities: Both oil and gold fell by less than 1% on the day.
- US indices finished mixed, but the Dow nonetheless maintained its winning streak. This week’s big story was the outperformance of value stocks over growth.
- Materials (XLB) were the strongest sector on the day while REITs (XLRE) brought up the rear.
- Stocks on the move:
- Apple (AAPL) dropped -2% after Goldman Sachs lowered its price target in the wake of Apple’s TV+ announcement.
- Broadcom (AVGO) fell -3% after announcing a disappointing full-year revenue outlook yesterday.
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