Morning Update
Tesla’s upbeat Q3 production figures sent the stock higher by almost 9%. This morning world markets are up and the US Futures are flat. With little US economic news, the bulls and bears will be resting.
The UK announced it would exit the European union by March 2017. Germany’s markets are closed on holiday. The bulls and bears will be watching the Vice presidential debate Tuesday night as we ramp up for the jobs report on Friday.
This morning world markets in the red as Deutsche Bank sinks another 5% as ten hedge fund clients are reducing their dealings with the bank. Today is end of month, end of quarter so institutions may be in a buying mood to make their portfolios look good.
World markets reacted positively to the oil news this morning and US Futures are slightly down in premarket action. Germany’s Commerzbank is cutting 7,300 jobs as part of a restructuring effort to focus on its core businesses.
German’s Deutsche Bank are up 2% this morning. The S&P 500 is still below its 50 day moving average so a little caution for investors as the bears still have a paw in the markets.
This morning world markets are mixed and oil is down 2% to $45 a barrel. Deutsche Bank fell again in early trade as investors are worried they may need more monies to pay for the US fine for the toxic mortgages in 2008 financial crisis.
Oil is up in premarket as OPEC members will be meeting in Algeria this week on possible production freezes. Tonight the first presidential debate will be at 9 PM ET. Right now the bears are in control.
Oil was up another 1.7%. Small caps in the S&P 600 and Russell 2000 are up 1.5%. The S&P 500 popped above the 50 day moving average; good news if you are a bull.
Looks like the bulls took charge yesterday after the FED’s no interest rate hike announcement. Oil rallied 3.5% a barrel. Overnight world markets rallied and oil is up another 1.5% to $46 a barrel in pre market action. Could this be the news the bulls need to charge higher?
Today is the big day for the FED at 2PM ET. Bank of Japan announced a zero percent interest rate target for a 10 year Japanese bond. Investors were underwhelmed. Oil is up almost 2% this morning with most world markets in the green.