U.S Markets were mixed after I posted yesterday morning before falling. Yesterday, House Democrats unveiled a $2.2 trillion coronavirus Stimulus Bill. There was a flurry of speeches from Federal Reserve Presidents last night. Dallas Fed President Robert Kaplan said the central bank should maintain greater flexibility on interest rate adjustments. He noted the economic rebound has been stronger than anticipated. But New York Fed President John Williams said that a return to a strong economy with full employment could take up to three years. Consumer Confidence surged in September, as people became more optimistic on the short-term economic outlook. Now, investors turn to a host of events throughout the rest of the week, including Employment data and last night’s Presidential debate. Both the S&P and Dow closed lower by 0.48%. In Europe, European Central Bank President Christine Lagarde told lawmakers it stands ready to act with additional economic support if the outlook worsens. Post-Brexit trade negotiation optimism rose after the European Union said it wouldn’t abandon negotiations even if the U.K. didn’t rescind plans to break parts of the agreement. Euro-Zone Economic Confidence data for September beat expectations, marking the fifth straight month of increases. Germany’s government was said to consider placing further restrictions on public gatherings to stop the spread of the coronavirus. Elsewhere, Oil closed 4% lower as Russia’s St. Petersburg International Mercantile Exchange warned that new Coronavirus restrictions will hurt the crude demand picture while Gold closed 1% higher on Dollar weakness. Overnight, we saw the Presidential Debate between President Trump and his challenger Joe Biden. This debate ended in chaos as the two classed repeatedly in what turned out to be the most chaotic and rancorous White House debates in years. Amid angry shouting and name calling, the two fought over the pandemic, white supremacy and the economy during the 90-minute forum in Cleveland, Ohio. Mr Biden called the president a “clown” and told him to “shut up”. Mr Trump brought up drug use by his rival’s son. Not surprisingly, US S&P Futures are trading over 50 Handles lower from the pre-debate prices.
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