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undergroundnewsroom.com October 20, 2017


Asia Markets Mixed, After Yellen Speech

28 September 2017, 12:31 | Ruben Stone

Reuters

Reuters

The most-active gold contract for December's delivery fell $9.80, or 0.75 percent, to settle at $1,301.70 per ounce.

Kevin Logan, chief US economist at HSBC Securities, in NY, said her message is that "they're not really sure" whether the weak inflation is transitory but that "nonetheless policy is accommodative".

Following on from last week's FOMC meeting, Yellen delivered a keynote speech in Cleveland yesterday, with the focus on inflation. As the figure shows, based on that history, there is a 30 percent probability that inflation could be greater than 3 percent or less than 1 percent next year. The Nasdaq Composite Index gained 34.19 points, or 0.54 percent, to 6,414.36.

US officials emphasized the urgency of attempts at diplomacy to ease tensions with North Korea on Tuesday, while the USA stepped up sanctions amid an escalating war of words between Washington and Pyongyang.

US POLITICS WATCH: House Republicans and the Trump administration officials are due to give details of the plans for a long-awaited tax proposal on Wednesday, which are expected to reduce individual and corporate tax rates.

Emerging markets felt the brunt of Fed chairperson Janet Yellen's hawkish comments on Tuesday, with the rand, Turkish lira and Mexican peso coming under massive pressure, according to TreasuryOne. Trump has praised Yellen since taking office, saying he approves of the Fed's current low interest rates and respects the chair. USA prices had rallied on Monday, with the gains spurred in part by a threat from Turkey's president to cut off oil exports from a Kurdish region of Iraq.

"In my view, it strengthens the case for a gradual pace of adjustments", Yellen said.

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Police at the scene of a church shooting at the Burnette Chapel Church of Christ in Antioch, Tennessee, September 24, 2017 . Please join me in praying for the victims of today's church shooting in Antioch, victims' families and their community.

Ted Cruz doesn't support latest ObamaCare repeal bill
The renewed GOP drive has encountered widespread opposition from health industry groups, which have strongly opposed the effort. McCain's announcement is a near fatal blow to the legislation, which now needs every other Republican vote in the conference.

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The iPhone 8 Plus fared very well on our battery test with a runtime over 11 hours , but the iPhone X should be even better. They have created a charging mat where you can charge your phone, watch, and earphones at the same time on one pad.

There has been optimism that the third forecast interest rate hike in the U.S. will go ahead in December and Yellen looks set to deliver her verdict.

Ten-year yields climbed seven basis points to an eight-week high of 2.30 percent, also pushed higher by the prospect of tax cuts that could increase federal borrowing, analysts said.

-U.S. data on durable-goods orders, GDP and personal spending later in the week will provide further clues as to the Fed's policy path.

The Euro-to-Dollar rate pared a 0.68% loss overhanging from the London session to trade just 0.52% down at 1.1794.

United States gold futures for December delivery fell 0.3% to $1,297.80 per ounce. The Dow Jones industrial average lost 11.77 points, nearly 0.1 percent, to 22,284.32.

In oil markets, Brent crude traded at around $58.23 a barrel on Wednesday morning, down 0.36 percent, while USA crude was flat at $51.89 a barrel.

-The Japanese yen decreased 0.2 percent to 111.98 per dollar. The euro was at $1.1756-1757, down from $1.1812-1813, and at ¥132.48-49, up from ¥132.01-02.



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