U.S. Indexes closed lower on Monday, with the NASDAQ 100 underperforming as major Indices fell around 0.6-1.1%, while the equal-weight S&P declined 0.6%. Sectors were predominantly lower, led by Communication Services, Consumer Discretionary and Financials, while Staples, Health Care and Energy were the only sectors to finish higher. Treasuries sold off across the curve, with yields rising around 7-9bps amid choppy US-Iran headlines. Yields pared from highs alongside crude as reports suggested potential progress towards sanctions relief and a nuclear agreement, although subsequent reports said the chances of a deal remain extremely slim. Thereafter, Press TV said reports of Iranian flexibility on the nuclear issue are false. Fed Governor Cook meanwhile warned of continued inflation pressures. Crude was choppy but ultimately settled marginally higher as conflicting US-Iran headlines dominated trade. Reports of potential sanctions relief and Iran halting uranium enrichment pressured crude, before doubts over the prospects of an agreement helped prices recover. Saudi Arabia’s East-West pipeline also resumed oil exports. In FX, the Dollar was marginally firmer, with price action largely tracking crude. Both the New Zealand Dollar and Stirling outperformed, while CHF, CAD, EUR and AUD lagged. The Japanese Yen was choppy amid further jawboning from Japanese officials, while attention turns to the RBA overnight, where a 25bp hike is expected. Attention now turns to a key week of US data, with ISM Manufacturing, PCE and NFP set to test the strong growth, elevated inflation and solid labour market narrative. Fed Governor Cook warned of continued inflation pressures in the coming months but noted that the labour market is well positioned to handle an increase in rates. Money Markets currently price around 17 basis points of tightening for October, implying a 68% probability of another 25bp hike, while December prices around 38bps, fully pricing one additional hike and implying roughly a 52% probability of a second. This week’s data will therefore be key in shaping those expectations further. Elsewhere, Oil closed higher by 1% while Gold was hit hard closing lower on Monday by 4%.
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For anyone following my Platinum Service it made 430 points yesterday and is now ahead by 6777 points for September after ending the month of August with a gain of 2645 points after closing July with a gain of 8031 points, after ending June with a new record of 10527 points after ending May with a loss of 1104 points, having ended April with a gain of 1730 points, after ending March with a massive gain of 9002 points, having closed February with a strong gain of 5482 points after ending January with a gain of 4757 points, having closed December with a gain of 2599 points, after ending the month of November with a gain of 4542 points, after ending October with a nice gain of 5110 points after closing September with a gain of 3774 points while ending August with a gain of 3362 points after closing July with a gain of 3753 points after closing June with a gain of 3530 points, having closed May with a gain of 3606 points, after closing April with a gain of 7685 points after closing March with a gain of 2254 points while closing February with a gain of 4180 points. January ended with a gain of 2768 points while 1997 points were gained in December. October ended with a gain of 2179 points, after closing September with a gain of 4402 points, following a loss of 301 points in August. July gained 1908 points while June saw a gain of 2074 points. The Platinum Service made a previous record 9619 points in October 2022. Since I started this New Platinum Service in June 2015 it has averaged a monthly gain of over 2300 points. I have a YouTube Channel which contains recent interviews I have given This can be viewed by clicking HERE Please subscribe to this for new interview notification
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