Most of the good news from the Fed and the ECB had already been anticipated by investors and this has led to profit taking on most asset classes. This setback stemmed from difficulties experienced by European finance ministers regarding an agreement on a European banking union, as well as lacklustre NY Empire State Manufacturing Index figures.
The correction had a significant impact on the price of the main commodities. The price of grains dropped, as did crude oil which lost 3% yesterday.
We are also following the development of credit spreads in Europe, and the important 3-year and 10-year Spanish bond auctions expected Thursday. Higher yields are heightening pressure on the Spanish government, which could be requesting a bailout from the EU soon. Spain is required to officially request aid from its peers to initiate the purchase of bonds on the secondary market by the ECB.
Caution remains in order today. The futures market points to a negative opening on North American markets and the price of oil continues to drop. Wishing you a great day!
Emmanuel Tessier-Fleury
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Daily Update
Published 09/19/2012, 06:13 AM
Updated 05/14/2017, 06:45 AM
Daily Update
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