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What Yellen and Draghi did not say speaks volumes

What Yellen and Draghi did not say speaks volumes

Arguably the most anticipated events of last week were last Friday's speeches from Fed Chair Janet Yellen and European Central Bank (ECB) President Mario Draghi that turned out to be non-events as the two central bankers provided the market with little to no new information. The Dow Jones Industrial Average advanced 0.14 per cent, or 30.27 points, to 21,813.67. Wall Street was poised to open lower.

S&P E-mini futures ESc1 slipped slightly.

But it feels at the moment that central banks continue to give markets nothing more than scraps of information to feed on and to plan their funding and investment options around. Among the very few gainers were shares in telecoms firm Altice, up 1%, as investors welcomed news of a €1 billion share buyback.

Hurricane Harvey battered the parts of Texas, causing catastrophic flooding and killing five people in the Houston area. It's unclear how bad the damage is to facilities along the state's Gulf Coast but preliminary signs indicate widespread losses, which will have implications for the USA economy and oil and gas prices.

Search and rescue task force leaves for Texas
Some of the same crews heading to Texas helped rescue people trapped in floodwaters last fall following Hurricane Matthew. The specially-trained members of Task Force 1 could be called on to do almost anything during their time in Texas.

The five-year Treasury yield was trading at 1.760-a gain of ~0.11%. S&P Global analysts said about 2.2 million barrels per day of refining capacity was down or being brought down by Sunday.

The euro has hit $1.20 for the first time since January 2015 as the prospect of a U.S. interest rate rise recedes. Any positive sentiment from this statement was quickly erased, however, when Yellen spoke about the reforms put in place after the late 2000's financial crisis. He didn't address the financial health of the eurozone, but investors took that as a sign of confidence in the continent's economy.

"If the Euro strengthens against the dollar - the main consumer of European products are the U.S. and China, i.e. countries that are somehow connected with the dollar - it is clear that the export potential is reduced". As well as dropping by -0.6% against the Euro, the US Dollar also fell by -1% against the South African Rand.

"All of this is bad news for European stocks, particularly the export-heavy DAX, and we could see further moderation for European stocks at the start of this week", said Kathleen Brooks, research director at City Index. The Euro Stoxx 50 index of eurozone bluechip stocks decreased 0.51 percent, while the Stoxx Europe 50 index, which includes some major United Kingdom companies, lost 0.49 percent. Australia's S&P/ASX 200 slid 0.59% while the Hang Seng was broadly flat.

Canadian bicycle police capture one of America's most wanted
He was indicted again in 2013 and was last seen in the town of Lakeshore, Ont., 40 kilometres from the USA border near Detroit. He was also wanted by Ontario law enforcement for further alleged drug crimes, according to BBC News .

Advancing issues outnumbered decliners on the NYSE by 1,902 to 875.

German consumer confidence is tipped to rise on Tuesday, although Wednesday's Eurozone-wide stats are forecast to be more mixed. The Singapore index closed 0.25% higher, with financials and energy stocks leading the gains. All three benchmarks were higher on the week. According to Deutsche Bank, every 10 percent rise in the trade-weighted euro lowers earnings per share by 5 percent.

USA crude futures fell as the refinery shutdowns could reduce demand for American crude.

Brent crude was down 1.6% at $51.55 a barrel, while USA crude was down 3.4% at $46.26.

Western Digital likely to get Toshiba memory business
But the company told Toshiba earlier this month that it could ditch the arbitration request if a deal is reached. Most recent news has been suggesting that the deal will be announced somewhere around Thursday this week.


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