The Fed’s Beige Book disappointed Wall Street last night while stalled progress in Europe has markets chewing finger nails. Dow down 72.
Wall Street had already bounced before an E2trn rumour hit the market and was quickly quashed. Fun and games, Dow up 180.
Merkel suggested last night the world is dreaming if it expects all will be resolved in Europe after one summit this weekend. Dow down 246.
Despite greater optimism now apparent on the European front, brokers continue to acknowledge the longer term damage in another series of forecast reductions. It’s not all bad news, however.
Wrap of events affecting the market on Friday night and the weekend and a preview of the week ahead.
A brief look at important company events and economic data releases next week.
FOREX.com’s Kathleen Brooks notes the rally in risk has not been sustained, raising the question of profit taking or something more serious developing in coming sessions.
Danske Bank’s forex team suggests the US dollar is set to break out against the yen, with the BoJ providing a safety net for the trade.
Concerns over Chinese financial integrity and a weak trade balance added to a poorly received result from JP Morgan last night. But Wall Street remained resilient. Dow down 40.
The EFSF is now officially a reality but Wall Street bounced off the top of its range last night. Dow up 102.