By Bill Hornbarger, Chief Investment Officer
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Three Things to Watch
It’s a relatively light week for economic data and a short week with the markets having been closed on Monday.
- Central Banks will be front and center with European Central Bank (ECB) and the Canadian and Australian Central Banks also meeting. The ECB raised rates in July for the first time in 11 years and is expected to continue raising rates when it meets on Thursday. Futures are split on the size of the increase between 50 and 75 basis points.
- In the U.S., the Beige Book will be released and Fed Chairman Jerome Powell speaks on Thursday at the Monetary Policy Conference.
- In the energy markets, OPEC+ meets to discuss output and the Nord Stream 1 pipeline remains closed with Russia indicating it will remain so until the “collective West” removes sanctions over the invasion of Ukraine.
Three Things to Know
- European natural gas prices surged 36% Monday after Russia indefinitely stopped flows via Nord Stream 1. (Source: BusinessInsider.com)
- Germany and France made an energy pact to help each other through the winter and Germany moved to keep two nuclear plants available this winter in a policy reversal. (Source: Yahoo Finance)
- Last week, the two-year Treasury note yield hit 3%, the highest level since November 2007. (Source: Bloomberg)
The above information reflects the current opinion of the author. It is based upon sources and data believed to be accurate and reliable. Opinions and forward-looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security mentioned.