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FX Futures Edge: World Markets Are Lower

ByRichard Rhodes
Published 08/30/2013, 06:55 PM
Updated 07/09/2023, 06:31 AM
ICON
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WORLD MARKETS ARE ALL LOWER THIS MORNING

as market participants seem confused as to the role Western powers are going to play in Syria, or if there even will be a role at all. European bourses are all lower between -0.5% and -1.0% after having opened modestly higher. Primarily, this is on response to yesterday’s British House of Commons thumbing their noses at PM Cameron’s request to use military force in Syria given the evidence of the use of chemical weapons. He lost the vote by 13 votes. This is giving some small hope that the US will reconsider its stance on the matter, and look to use diplomacy to resolve any and all issues. We don’t believe that to be the case, for President Obama some months ago drew a line-insand regarding a “game changer” if chemical weapons use could be confirmed. It has, and thus one could conclude that the US will act at some point in the very near future, and they shall do so unilaterally. The only question is whether Congress will be asked to ratify this move. On this matter, we think not, but then again we were rather surprised to see Mr. Cameron rebuffed, for it was the first British rebuff in over 100-years on an act of war.

Dow Transportation Average

ON THE US ECONOMIC FRONT: Today we will see several reports and one Fed speaker. First, the Personal Income and Consumption figures for July are expected to show slower gains from the June gains…with income up +0.2% versus +0.3%, and consumption up +0.3% versus +0.5%. Also, Chicago and Milwaukee PMIs are due out, and St. Louis Fed President Bullard is expected to speak “on the economy” at 9am ET.

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