Market moving daily news roundup – events & news likely to move markets 23rd August 2019
Company performance, economic and political events but especially market sentiment will always influence market movement, good or bad.
Summary
Economic news calendar 23rd August 2019 main market moving scheduled events
U.S. – Jackson Hole central bankers gather. Fed chief, Jerome Powell to take limelight.
Japan – consumer price index data due
U.S. – Fed speeches 12:30 – 14:30 BST – ahead of Jerome Powell
Canada – retail sales data due: 13:30 BST
U.S. – homes sales data due at: 15:00
U.S. – Fed chair J. Powell speech due at: 15:00 BST
UK – Bank of England governor Mark Carney speech due at: 20:00
Note
Items highlighted in red are more likely to move markets, amber and blue less so. Only what I regard as the ‘main’ scheduled events are listed here.
Main event
The main ‘market moving’ news today will be the speech by the U.S. Federal Reserve chief, Jerome Powell. It would appear he has been backed into a bit of a tight corner, with little room to get things just right.
He has no friend in President Trump, markets are braying for more interest rate cuts and some FOMC members do not want a rate cut, while others do. And the economy is okay..?
Just maybe he can keep everyone happy? Does the U.S. economy really need another interest rate cut in September? Surely, all he has to do is what is right for the economy based on the data at hand. And the U.S. economy isn’t in a bad place. Outside global pressure may think differently though.
His speech is scheduled for Friday 23rd August 2019 at: 15:00 BST.
All hands on deck!
Update
Jerome Powell duly delivered his speech. Sees trade war pressure building – will do what he can within his remit but facing unknown situation with the U.S. and China escalating trade concerns. President Trump not happy – wants QE and BIG interest rate cut.
China announces more tariffs on U.S. goods – 5-10% retaliatory on $75 billion to take affect September and December 2019 and resumption of 25% on U.S. cars on 15th December 2019. Markets didn’t move much after J Powell speech. But Trump reacted to the tariff announcement from China.
Pretty much immediately Trump burst into action via a ‘tweet’ saying tariffs will be increased again and more worryingly ‘ordered’ U.S. businesses to re-locate from China.
Global stock markets reacted badly and lost ground slowly built up over the preceding few days. The Dow Jones fell some 600 points on the day.
Stock market indices update, August 20th 2019
Closing positions of: FTSE 100, DAX, DOW, S&P 500, NASDAQ, NIKKEI & GOLD
I trade these indices.
Global markets react badly as Trump announces tariff escalation in response to China’s tariff retaliation and ‘orders’ U.S. businesses to move out of China and set-up elsewhere, preferably back in the U.S. Trying times!
FTSE 100 – closed at: 7095
DAX – closed at: 11611
DOW – closed at: 26252 down 629 points on the day
S&P 500 – closed at: 2847 down 76 points on the day
NASDAQ – closed at: 7752 down 240 points on the day
NIKKEI – closed at: 20711
GOLD – closed at around: $1,537
Key: Green highlight markets move up. Red highlight markets move down.All values rounded.