Mike’s Morning Brief: A fast-break rundown of what’s going on.
Market opened higher on the back of rising oil prices. WTI is pushing $50 again, which is the high end of a narrow range. The correlation of higher oil and higher stocks is still in place. Interest rates have also been on the rise this week, as the Market seems to be starting to price in a Fed hike before the year’s end again. Right now, it’s assigning a 63% probability of higher rates in December. The 10-Year Treasury yield is bumping up against 1.7%. The Vice Presidential candidates had their one and only debate last night, and the early victor seems to be Mike Pence. Round 2 for Trump and Hillary is this weekend. The British Pound has taken a beating this week, as investors prepare for a Brexit next year. Tensions between the US and Russia are growing, which threatens things in the Middle East and beyond. Deutsche Bank seems to be getting more relief, which is helping global markets. Hurricane Matthew hit land in Haiti yesterday, and is heading to the US. Expect activity to pick up.
Have great day,