IIFT Daily Note with Peter Brown

More Merkel

Posted by:  |  Time: 7:40 am  |  Topic:
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Merkel is back, no real surprise there. It will take about a month for her to form a coalition so we will be in a vacuum until then. Eurozone issues have been pushed to the background over the summer so I expect quite a hectic end to the year. There are major issues to be resolved, Greece, single bank resolution etc.

In the US we have toatl confusion over tapering. Just as we thought it was in the background, speculation emerged that we may taper in October. The market sold off late Friday.

I expect some range trading for a while, a clear macro view does not exist. Market may be volatile but within ranges.

Today levels are:- S&P 1719  1708  1700  Euro 1.3565  1.3510

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