Financial Markets Daily Report

Financial Markets Daily Report
28 September 2023

Yesterday investors traded cautiously as the threat of a possible US government shutdown by the end of the week and “high for longer” interest rates continue to lead the narrative. Investors were also at odds with Minneappolis Fed President Neel Kashkari’s dovish tone regarding interest rates path ahead.

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  • Yesterday investors traded cautiously as the threat of a possible US government shutdown by the end of the week and “high for longer” interest rates continue to lead the narrative. Investors were also at odds with Minneappolis Fed President Neel Kashkari’s dovish tone regarding interest rates path ahead.
  • Against this backdrop, stock markets were mixed, falling modestly in Europe and slightly rising in the US and Asia. Sovereign yields climbed higher across the board, mostly in the longer end of the curves.
  • In currency markets, the US dollar continued to appreciate against most of its peers and the euro weakened further, fluctuating around $1.05. Brent crude prices hiked beyond $96 per barrel and European gas prices extended their volatility falling further.
  • Today, investors will focus on US Q3 GDP revision and some euro area countries’ September inflation data.
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