Morning Briefing: All eyes on Yellen

Morning Briefing: All eyes on Yellen

Morning Briefing: All eyes on Yellen All eyes on Yellen
Recent speeches and comments by Fed officials has suggested that the central bank could be about to increase interest rates. The markets are pricing in a September rise but Friday could bring the biggest clues as Fed chair Janet Yellen speaks at Jackson Hole.

Along with potential rate rises, the markets will be looking for positive tones on the US economy with global headwinds continuing to chart uncertain waters.

Asian markets closed mostly as Japanese inflation data disappointed and added to concerns that the BoJ’s stimulus is failing to ignite the economy. Shanghai and Hong Kong recovered some lost ground following a sell-off in the previous session prompted by liquidity concerns.

European indexes await the Fed and are trading lower this morning. UK GDP estimate data hit expectations and remained in line with the previous reading, with growth flat from the last quarter.
Wall Street and Toronto are expected to open flat.
 
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North America (previous session)
US Dow Jones 18,448.41 (-0.18 per cent) -0.14 per cent +13.28 per cent
TSX Composite 14,630.72 (+0.03 per cent) +0.55 per cent +9.33 per cent
 
Europe (at 4.30am ET)
UK FTSE 6,812.03 (-0.07 per cent) +1.15 per cent +9.30 per cent
German DAX 10,493.83 (-0.34 per cent) +2.40 per cent +4.97 per cent
 
Asia (at close)
China CSI 300 3,307.09 (-0.06 per cent) +2.42 per cent +8.74 per cent
Japan Nikkei 16,360.71 (-1.18 per cent) -0.14 per cent -10.97 per cent
 
Other Data (at 2.30am ET)
Oil (Brent) Oil (WTI) Gold Can. Dollar
49.23
(-0.93 per cent)
47.11
(-0.46 per cent)
1328.30
(+0.28 per cent)
U$0.7750
 
Aus. Dollar
U$0.7634

 
Iran says it wants to stabilize the oil market
Last time the OPEC members were meeting to discuss an oil output freeze, Iran was one of the countries that was not keen. It had only recently been allowed to ramp up its output following years of sanctions and was not about to restrict its recovery.

Now though, Iran seems like it will work with OPEC members to stabilize the market. Comments made Friday by oil minister Bijan Namdar Zanganeh suggested it would agree to a cap but it came with a caveat that others “respect its natural rights.”