What’s in Today’s Report:
- FOMC Preview – Will the Fed Confirm the Rally?
Futures are modestly higher as stocks rally off dovish comments by ECB President Draghi and again ignore more ugly economic data.
In a speech Draghi said the APP (the EU QE program) had a lot more “room” implying it could be re-started, and that helped global equities rally modestly.
Economic data, meanwhile, was again ugly. German ZEW Business Expectations collapsed to –21.1 vs. (E) -9.3 while Euro Zone exports missed estimates at –2.5% vs. (E) -1.2%.
Today will likely be dominated by pre-Fed positioning and trading should be quiet, although there’s always the chance we get a U.S. – China trade update as the G-20 draws closer. Economically there is just one report, Housing Starts (E: 1.240M), and it shouldn’t move markets.