Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

T3's Take 3: Shares Rally Ahead of the Fed


Today's financial recap and tomorrow's financial outlook.

Today on T3 Live

T3 Live cordially invites you to our first annual Finance Festival, scheduled for November 6-8 in sunny Miami, Florida.

Since we announced the event on July 8, we've added some very big names to the agenda, including:

-David Kotok, Founder and Chief Investment Officer of Cumberland Advisors
-David Rosenberg, Chief Economist of Gluskin Sheff
-Ivan Zinn, Chief Investment Officer of Atalaya Capital Management

This is your final chance to secure our early bird special pricing, so we urge you to register today:

Read about our expanded lineup here.

US Economic Data

Investors were keeping their eyes peeled on US economic data today for possiblye clues about the Fed's decision on Thursday.

The numbers were overall mixed.,

Retail sales, excluding cars, gasoline, and building materials, rose 0.2% last month, just slightly under economists' expectations.

July's headline number was revised up from 0.3% to 0.6%.

Industrial production fell 0.4% in August. vs. the 0.2% decline expected.

The Empire State Index of Manufacturing Activity for New York came in at -14.7, well below the -0.5 reading forecast by economists.

World Equity Markets

US equities rallied today, with the S&P 500 jumped 1.3% while the VIX dropped 7%.

All S&P sectors were in the green, led by transportations, financial, and industrial stocks.

In Europe, the German DAX rallied 0.6% despite the ZEW investor confidence survey showing a decline due to weaker emerging markets.

Meanwhile, the French CAC gained 1.1%.

The sell-off in China continued today as the Shanghai Composite closed down 3.6%. Chinese markets have been on the decline again after disappointing economic data was released over the weekend, which drew concerns about growth.

Japan's Nikkei rallied 0.3% after the Bank of Japan voted to maintain its expansionary monetary policy. Meanwhile, Japanese telecom companies continued their sell-off after Prime Minister Abe's comments regarding cutting phone bills yesterday.

The Korean Kospi gained 0.3%.

Australia Bids Farewell to Abbott

Australia's ASX 200 dropped 1.5% today after Prime Minister Tony Abbot was voted out by his own Liberal Party. Abbot was replaced by in-party rival Malcolm Turnbull.

Many believe that Turnbull will look into getting Australia's budget under control and reform its tax system. 

Second-quarter growth numbers for the country also came in weak.

The Reserve Bank of Australia stated it will keep interest rates unchanged at 2%.

Wednesday's Financial Outlook

US economic news for tomorrow will include MBA mortgage applications, August's CPI reports, NAHB housing market index, DOE oil reports, TIC reports. 

Overseas economic data will feature the Bank of Japan's monthly economic report, Britain's unemployment, Euro-zone CPI, and New Zealand GDP.

Ascena Retail Group (ASNA), Cracker Barrel (CBRL), and FedEx (FDX) will release earnings before the open tomorrow.While Herman Miller (MLHR), and Oracle (ORCL) will announce earnings after the close. 
No positions in stocks mentioned.
Featured Videos