United States Consumer Sentiment Increased in Sep

News Event

From Trading Economics: The final reading of the University of Michigan's consumer sentiment for the United States increased to 91.2 in September of 2016 from a preliminary reading of 89.8 and a final of 89.8 in the previous month. It is the highest reading in three months and better than market expectations of 90. Consumers were more confident about the future and less pessimistic about current conditions than initially anticipated.

Market Closing Wrap

In European Equity Markets stocks closed higher on Friday, lifted by a late rose in Deutsche Bank after a media report that it was close to settling with U.S. authorities over alleged misselling of mortgage-backed securities. The pan-European STOXX 600 index ended 0.1 percent higher. Traders cited a report by Agence France Presse that Deutsche Bank was near a $5.4 billion settlement with U.S authorities over the mortgage-backed securities affair as contributing to the spike in the company's shares. Commerzbank fell 1.2 percent on uncertainty over whether it could deliver on restructuring plans, which will see it axe thousands of jobs in a bid to boost earnings.

In Currency Markets the euro erased losses against the dollar after hitting a nine-day low on Friday on reduced concerns surrounding Deutsche Bank's health, while the greater calm over Germany's biggest lender also pressured the safe-haven yen and Swiss franc. The dollar was last up 0.29 percent against the yen at 101.30 yen, after hitting a session high of 101.75 yen. The euro was little changed at $1.1218, off lows of $1.1153 hit earlier in the session. The dollar rose 0.52 percent against Swiss franc at 0.9711. The Australian and New Zealand dollars were stronger, with Aussie up 0.33 percent at $0.7659 and with Kiwi rising 0.23 percent to $0.7271.  The dollar index was last little changed at 95.505.

In Commodities Markets  oil prices were on track to their largest weekly advance in more than a month on Friday, supported by planned OPEC output cuts, but profit-taking after a two-day rally kept benchmark crude contracts below the key $50 per barrel mark. Brent's front-month contract for November was down 0.7 percent, at $48.90 a barrel ahead of its expiry at Friday's settlement. For the week, it was up 7 percent, its most since the week ended Aug. 19. WTI's front-month rose 0.5 percent, to $48.07 per barrel. It gained 8 percent on the week, also the most in six weeks. Spot gold was up 0.47 percent at $1,326.26 an ounce. Silver was up nearly 3 percent at $19.61 an ounce.

In US Equity Markets  stocks rose on Friday, the last day of the third quarter, helped by gains in financials and technology stocks. The Dow Jones Industrial Average was up 0.6 percent, at 18,252.58. The S&P 500 was up 0.48 percent, at 2,161.54 and the Nasdaq Composite was up 0.35 percent, at 5,287.56. The technology index was up 0.43 percent, helped by Apple's 0.7 percent rise. Qualcomm shares rose 3.5 percent after sources said the company was in talks to buy NXP Semiconductors in a deal valued at more than $30 billion. NXP was up 6 percent. Costco was the top percentage gainer on the S&P, rising 4.5 percent after the company reported a better-than-expected quarterly profit.

In Bond Markets U.S. Treasury debt yields rose on Friday as risk appetite improved with the recovery in Deutsche Bank share prices and the release of generally solid U.S. economic data that keeps the Federal Reserve on track to raise interest rates in December. In late morning trading, U.S. benchmark 10-year Treasury notes were down 11/32 in price for a yield of 1.596 percent, up from 1.556 percent late on Thursday. U.S. 30-year bonds fell more than a point in price, yielding 2.325 percent, up from Thursday's 2.274 percent.

Source: Institute of Trading and Portfolio Management