Why Didn’t Stocks Rally More Last Week?
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What’s in Today’s Report:
- Why Didn’t Stocks Rally More Last Week?
- Weekly Market Preview: Earnings Are the Key This Week
- Weekly Economic Cheat Sheet: The First Major October Datapoint
Futures are slightly lower to start the week despite more Chinese stimulus and better than expected EU inflation data.
The PBOC announced another larger than expected rate cut, continuing to add stimulus to the Chinese economy.
Economically, German PPI declined more than expected (-1.4% vs. (E) -1.2%), increasing ECB rate cut expectations.
Today there is only one notable economic report, Leading Indicators (E: -0.3%) but there are several Fed speakers: Logan (8:55 a.m. ET), Kashkari (1:00 p.m. ET), Schmid (5:05 p.m. ET). If the data is in-line and the Fed speakers reinforce two remaining rate cuts in 2024, that should support markets (it’s the Goldilocks set up).
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