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Pre-Market: Refocus – Fed Chair Powell Speech

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WORLD HEADLINES – Hopes for a thaw in U.S.-China trade relations at the upcoming G20 summit helped world shares inch to a one-week high on Wednesday, though fears of a no-deal outcome weighed on European bourses and kept the dollar firm for the fourth day in a row.

STOCKS – Stocks in Europe rose alongside U.S. futures, tracking gains in Asia as investors rekindled their risk appetite before a speech by the chair of the Federal Reserve.

BONDS – Traders are focusing on a speech at 12:00 ET by Federal Reserve Chair Jerome Powell to see if he offers clues on how many more times the Fed could raise interest rates.

COMMODITIES – Oil slipped to about $60 a barrel on Wednesday, pressured by rising U.S. inventories and doubts over whether an OPEC-led output cut will be agreed next week.

CURRENCIES – The uncertainty over global trade as well as Brexit and Italy’s conflict with the European Union, have supported the U.S. dollar, which rose to a two-week high against a basket of currencies.

ECONOMIC DATA – US Prelim GDP q/q due at 8:30, GBP Bank Stress Test Results at 11:30, BOE Gov Carney Speaks at 11:45, Fed Chair Powell Speaks at 12:00 ET.

COMMODITY FUTURES, OPTIONS, AND FOREX TRADING INVOLVES SUBSTANTIAL RISK AND IS NOT SUITABLE FOR ALL INVESTORS. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

 
 
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