Market Brief: Markets Fall Out of Bed on a Monday
Matt Weller, CFA, CMT August 12, 2019 9:06 PM
- FX:The GBP was the strongest major currency today – see our take on GBP/USD and EUR/GBP – while the risk-sensitive AUD was the weakest.
- After an unexpected win for the opposition party this weekend, the Argentine peso dumped 25% against the US dollar at one point (currently -15% on the day).
- Commodities: Gold tacked on 1%, supported by global geopolitical tensions. Oil prices finished flat on the day.
- US indices dropped by more than 1% across the board, driven by risk aversion as the clash between protestors and military in Hong Kong continued to escalate and Argentine markets collapsed.
- All eleven major sectors closed lower on the day, with REITs (XLRE) falling the least and Financials (XLF) falling the most as the yield curve continued to flatten.
- See the key economic data and market trends we’ll be watching in the coming week!
- Stocks on the Move:
- Three key Chinese companies report earnings this week – see our full preview.
- Roku (ROKU) tacked on 7% following an analyst upgrade.
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