In the absence of any major data, the financial markets looked to Janet Yellen to provide the inspiration on Tuesday, but learned little new from her and will now turn their attention to today’s version of Donald Trump’s tax plan. All up the US$ has retained its bid tone, higher on almost all fronts, which in turn has placed some pressure back on commodity prices. Stocks are slightly lower but once again the ranges are relatively tight.
Wednesday will kick off in Asia with the markets disseminating Yellen’s speech as there is really very little else going on until the release of the UK Q2 GDP figure (exp 0.3%qq, 1.7%yy). The UK will also see the CBI Industrial Trends Survey – Realised, but that is about it from Europe although it will warm up once the US gets going again, when the August Durable Goods (exp +1%) and Pending Home Sales (exp -0.3%mm) are released. The real focus though will be on the US Tax Plan, with North Korean developments not to be forgotten. The EIA weekly crude oil stock change is also scheduled for late in the day. The levels in this table are a guide only.
|INDICES / COMMODITIES|
|ASX SPI: 5669|