Daily Financial Markets Chart Wrap

Highlights:

  • Equities were down modestly on the day with selling in Asia and Europe carrying over through the first part of the US session
    • US stocks finished down .4% and despite a few attempts to rally they basically bounced around the low end of the day’s range all afternoon
    • Utilities, Tech and Financials led today, but Utilities was the only sector to finish in the green
    • Bringing up the rear was the usual Energy, Materials and Telecom
    • Energy’s initial bounce off of the 8/25 low is fading fast and has now been overtaken by both Tech and Consumer Discretionary
      • As such, it’s looking more and more like the strength in Energy off of the 8/25 low was driven by short covering
    • EMs were up .6% today in aggregate with all 10 sectors higher on the day led by Energy, Utilities and Health Care
    • DM and EM Knowledge Leaders were weaker than their benchmark indexes on the day, as the indexes play catchup to last week’s Knowledge Leaders outperformance
      • Over the last year Developed World and Emerging Markets Knowledge Leaders have bettered DM and EM stocks by more than 7% each
    • Over the last year, DM stocks are down 5.9% and EM stocks are down 24.4%
  • Government benchmark bond yields were basically flat on the day with the US and some European benchmarks slightly lower and Japan slightly higher
  • The Aussi dollar was the big winner today amid an otherwise quite time in FX land
  • Copper led commodities lower as it finished down 1.8%, but other moved in commodities were pretty uneventful
  • All in all, markets were quiet ahead of this week’s big Fed decision

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