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T3's Take 3: Markets Rally Ahead of FOMC Judgement Day


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

Read about our expanded lineup here.

World Equity Markets

Asian shares were up today after a choppy start. The Shanghai Composite soared nearly 5% during the final minutes of trading, finishing up 4.9%.  Given the late save, many traders believe the rally was the result of government intervention. The Hong Kong Hang Seng rallied 2.8% while the Nikkei gained 0.8%. Japan`s sovereign rating was cut to A+ from AA- by S&P due to lack of confidence in the country`s ability to drive growth and inflation. The Korean Kopsi rallied 2% on strong foreign buying. 

European stocks saw their biggest gain in 2 weeks. Markets were pushed up following the rise in China. UK wages rosse 2.9% in July, the highest increase since 2009.  The German DAX finished up 0.4%, while the French CAC jumped 1.7%. European bond yields rose,  with the 10-year German bund up 3.1 bps.

US Markets 

The Fed began its two-policy meeting today. The meeting will conclude tomorrow, where the Fed will announce its highly anticipated rate decision. Investors are still mixed on whether or not lift-off will happen tomorrow.

This morning, the Labor Department's reported in-line inflation numbers, with a 0.1% drop in the CPI.

Other economic data included the NAHB housing market index, which came in better than expected at 62 vs. 61.

The S&P 500 rallied 0.9% today.

The energy sector saw the biggest gains among S&P 500 sectors as oil prices surged after the largest crude drawdown in months was reported.

Fitbit Gets Back in Shape

After peaking at $51.90, Fitbit (FIT) shares fell nearly 27% last month after it released an earnings report that beat expectations but showed decreasing margins. It was further pushed down by worries over competition from the Apple Watch.

This morning, the company said Fitbit Wellness, its business-to-business program, will partner up with Target (TGT) to equip Target employees with Fitbits in order to improve the health of workers. Target will reportedly equip 335,000 workers with Fitbits.

Fitbit also announced that Fitbit Wellness will be HIPAA compliant. HIPAA is the US Health Insurance Portability and Accountability Act which governs patient data. The compliance will allow the company to work better with health plans, hospitals and other entities that are regulated, opening doors for new business.

FitBit shares rose 12.3% to $37.10 today.

Thursday's Financial Outlook

Tomorrow's biggest news will be the Fed's rate decision and statement, which will be released at 2:00 p.m. ET.  Other US economic data reports include current account balance, housing starts and building permits, jobless claims, and the Philly Fed.

Overseas, Switzerland will announce its own rate decision, the Bank of Japan will release its meeting minutes, and the ECB will issue its economic bulletin.

Rite Aid (RAD) reports before the close with Adobe Systems (ADBE) following after the close.
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