What’s in Today’s Report:
- Why The Fed Meeting Was More Bullish Than It Seems
- Why the UK Election Matters to You (Good/Bad/Ugly Preview)
- EIA Update – Where Will Oil Go?
Futures are slightly higher following a generally quiet night as markets digest yesterday’s Fed meeting and wait on important trade news and the results of the UK election.
Today is a big day in the U.S./China trade as Trump is meeting with senior advisors to decide the fate of the 12/15 tariff increases. It’s widely expected they will be delayed and if they are not, that will be a negative shock for markets.
Economic data was again mixed as Euro Zone IP missed (-0.5% vs. (E) -0.3%) while German CPI met expectations.
Today will be a busy day. First, regarding the trade meeting, it’s unclear if a formal announcement will be made on the decision, but it could come at any time so markets will be watching the tape closely. Additionally, there is also an ECB Meeting this morning and it’s new ECB President Lagarde’s first press conference. Finally, we should know the results of the UK election by this evening, and the key number for the Torys is 335 seats. Stocks will like any result above that number.
On the economic front, the only notable report is Jobless Claims (E: 213K).