Market Digest: BoE Carney rushes to find his place in hawks club
EIA oil data failed to provide a pleasing print of changes in US inventories for investors, however, a slight increase in inventories allowed prices to expand rally, followed by bullish comments from central bank executives, hinting on growing demand for energy in the global economy. Meanwhile, production in the US fell by 100,000 barrels to the joy of OPEC officials, gasoline stocks also declined for the second consecutive week due to the start of the traditional season of travel.
The WTI barrel almost reached a two-week high at $45, traded on the London Stock Exchange, Brent unhesitatingly creeps up, consolidating before the three-week resistance level at $48.40. The net position for black gold has been declining for three weeks in a row, but this week it is likely to show a reversal, as the belief in global demand and OPEC again captures the minds of investors.
Attitude to risk in the global market is quite "friendly” - VIX went below 10 points - a historical record of calm, gold and the Japanese yen are traded in the red zone despite the weakness of the US currency. The yield of bonds in the US went up, along with the chances for a third interest rate increase this year, as Fed Chairman Janet Yellen's talks that the crisis is behind could spark inflation expectations with renewed vigor. The German 10-year bonds, which yield has almost doubled in three days, are also not in demand. The growth of demand for euro has been promoted by a number of positive reports on economic confidence released today, while the expectations of accelerating inflation, eating into future payments forced investors to reduce their positions in European stock markets, which are mostly traded in the red zone. The leader of the fall was the French CAC 40. Asian markets, as well as emerging markets, are growing due to oil pickup, expectations of production activity and consumer demand growth, as well as investors' desire to take advantage and make some nice bets before the rally.
The pound sterling broke through a bearish defense on BoE Governor Mark Carney U-turn, who suddenly decided to join the hawks club, which suddenly took shape at the ECB forum. Defending a soft policy just a week ago, he said on Wednesday that the discussion of raising rates could be on the agenda of upcoming meetings. By sending mixed signals to the market, Carney becomes the fifth official of the Bank, who saw the need to tighten the policy by allowing the pound to close eyes to all the risks associated with Brexit and completely immerse itself in playing out the monetary decisions of the Bank in August. Particular attention should be paid to the concerns of officials about business investment, wages and labor costs - the economic drivers, officials believe, will outweigh the negative effect of raising the borrowing rate. The British currency was also supported by the growth of mortgage approvals, consumer loans, while the bulls are considering the conquest of the psychologically important peak of $1.30, and have all the chances providing release of strong UK confidence figures and further weakening of the dollar.
The WTI barrel almost reached a two-week high at $45, traded on the London Stock Exchange, Brent unhesitatingly creeps up, consolidating before the three-week resistance level at $48.40. The net position for black gold has been declining for three weeks in a row, but this week it is likely to show a reversal, as the belief in global demand and OPEC again captures the minds of investors.
Attitude to risk in the global market is quite "friendly” - VIX went below 10 points - a historical record of calm, gold and the Japanese yen are traded in the red zone despite the weakness of the US currency. The yield of bonds in the US went up, along with the chances for a third interest rate increase this year, as Fed Chairman Janet Yellen's talks that the crisis is behind could spark inflation expectations with renewed vigor. The German 10-year bonds, which yield has almost doubled in three days, are also not in demand. The growth of demand for euro has been promoted by a number of positive reports on economic confidence released today, while the expectations of accelerating inflation, eating into future payments forced investors to reduce their positions in European stock markets, which are mostly traded in the red zone. The leader of the fall was the French CAC 40. Asian markets, as well as emerging markets, are growing due to oil pickup, expectations of production activity and consumer demand growth, as well as investors' desire to take advantage and make some nice bets before the rally.
The pound sterling broke through a bearish defense on BoE Governor Mark Carney U-turn, who suddenly decided to join the hawks club, which suddenly took shape at the ECB forum. Defending a soft policy just a week ago, he said on Wednesday that the discussion of raising rates could be on the agenda of upcoming meetings. By sending mixed signals to the market, Carney becomes the fifth official of the Bank, who saw the need to tighten the policy by allowing the pound to close eyes to all the risks associated with Brexit and completely immerse itself in playing out the monetary decisions of the Bank in August. Particular attention should be paid to the concerns of officials about business investment, wages and labor costs - the economic drivers, officials believe, will outweigh the negative effect of raising the borrowing rate. The British currency was also supported by the growth of mortgage approvals, consumer loans, while the bulls are considering the conquest of the psychologically important peak of $1.30, and have all the chances providing release of strong UK confidence figures and further weakening of the dollar.
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