Libya’s Al Waha Company says it will start partial reduction in productionWTI extends gains with news that Libya will be stopping all production and exportsEarnings in focus this week again with NvidiaGermany received a tip-off about potential Russian sabotage act at a NATO siteFX not playing ball with commodities and equity performance todayAtlanta Fed GDPNow sitting at 2%Germany Aug Ifo business climate index 86.6 vs 86.0 expectedHeads up that this week is month-endWeekly update on interest rates expectationsRiksbank meeting minutesMarkets hold to a view of >100 bp of cuts for the Fed by year-endWhat are the main events for today?Swiss Non-Farm Payrolls 5.499 vs 5.484M priorConditions for sustained USD weakness not fully in placeJapan leading indicator -2.1 vs -2.6 priorEquity and bond expectations divergence likely to be bullish for the USDIndia GDP seen at 6.9% in April to June vs 7.8% in previous quarterMost commodities are trading in the red apart from oil
Markets:
JPY leads, NZD lags on the dayEuropean equities flat; S&P
500 futures up 0.15%US 10-year yields up 2 bps
to 3.81%Gold
up 0.36% to $2,521WTI
crude up 2.69% to $76.84Bitcoin down 0.48% to $63,953
It was a classic
quiet Monday session with little in terms of market moving data releases. The
only highlight was the German IFO reading which came out basically in line with
estimates.
The only major
news was the Libyan eastern-based government declaring the closing down of all oil
fields and halting production and exports as a force majeure announced in
response to the attempts to take over the central bank by the Tripoli-based
government.
In the
markets, there’s been very little movement with just crude oil getting the
attention following the Libyan news as the price shot 1.5% higher and counting.
This article was written by Giuseppe Dellamotta at www.forexlive.com.
