Weekly Market Snapshot: October 11, 2019
Market related news for the week ending October 11, 2019
- Monday saw Germany’s August Factory Orders slump 6.7% year-on-year, due to the U.S./China trade war.
- Tuesday Dow stocks fell after the U.S. blacklisted Chinese tech companies. In addition, growing pessimism on upcoming U.S./China trade talks and reports the White House is considering limiting the amount of Chinese stocks held in U.S. government pension funds, added to the sell-off.
- Tuesday 40 state attorneys general flagged their intention to join a New York-led investigation of Facebook for anti-competitive business practices.
- Wednesday the Dow jumped 200 points in early trade after Bloomberg News reported that China is prepared to accept a partial trade deal, as long as no more tariffs are imposed by President Trump. In addition the Financial Times said that officials in China are offering to increase purchases of U.S. agricultural products.
- Wednesday minutes released from the FOMC meeting September 17-18, revealed a concern by policymakers that markets are expecting more rate cuts than the central bank intends to deliver. The minutes also showed Fed officials were divided about whether to cut rates. The eventual decision was a 7-3 vote for a quarter-point cut.
- Wednesday Johnson and Johnson was hit with an $8 billion jury award in relation to its Risperdal drug.
- Friday stocks rallied on optimism of a limited trade deal between the U.S. and China. In addition, China announced that it was removing the requirement that foreign financial companies must have a Chinese investor.
- Tuesday: NFIB Small Business Index for September was 101.8, down from 103.1 in August.
- Tuesday: Producer Price Index for September fell 0.3%. The year-on-year reading slid to 1.4% from 1.8%, the lowest level in almost 3 years. The core measure over the last year dropped to 1.7% from 1.9%.
- Wednesday: Job Openings for August were 7.1 million.
- Thursday: Weekly Jobless Claims for week 10/5 fell to 210,000.
- Thursday: Consumer Price Index for September was 0.0%, or 1.7% year-on-year.
- Thursday: Core CPI for September was 0.1% or 2.4% year-on-year.
- Friday: Consumer Sentiment Index for October was 96.0, higher-than-expected.
Looking ahead: Economic news for the week ending October 18, 2019
- Tuesday: Empire State Index for October at 8.30am.
- Wednesday: Retail Sales for September at 8.30am.
- Wednesday: Home Builders’ Index for October at 10.00am.
- Thursday: Weekly Jobless Claims for week 10/12 at 8.30am.
- Thursday: Housing Starts for September at 8.30am.
- Thursday: Building Permits for September at 8.30am.
- Thursday: Philly Fed Index for October at 8.30am.
- Thursday: Industrial Production for September at 9.15am.
This website is for informational purposes only and is not intended to provide a complete description of BMO Global Asset Management’s products or services. Past performance is not indicative of future results. It should not be construed as investment advice or relied upon in making an investment decision. Information on this website does not constitute an offer for products or services, or a solicitation of an offer in any jurisdiction in which such solicitation or offer would be unlawful. Products and services can only be offered by appropriate representatives of the respective manager. Notice to residents of the United Kingdom: For the avoidance of any doubt, the information on this website does not constitute an offer for products or services to persons in the United Kingdom.
All investments involve risk, including the loss of principal.
Foreign investing involves special risks due to factors such as increased volatility, currency fluctuation and political uncertainties.
Investors should carefully consider the investment objectives, risks, charges and expenses of the BMO Funds. This and other important information is contained in the prospectuses and/or summary prospectuses, which can be obtained by calling 1-800-236-3863. Please read carefully before investing.
BMO Global Asset Management is the brand name for various affiliated entities of BMO Financial Group that provide investment management and trust and custody services. Certain of the products and services offered under the brand name BMO Global Asset Management are designed specifically for various categories of investors in a number of different countries and regions and may not be available to all investors. Products and services are only offered to such investors in those countries and regions in accordance with applicable laws and regulations. BMO Financial Group is a service mark of Bank of Montreal (BMO).
BMO Asset Management U.S. consists of BMO Asset Management Corp., BMO Asset Management (Canada)® includes BMO Asset Management Inc.
BMO Asset Management Corp. is the investment adviser to the BMO Funds. BMO Fund platform services are offered by BMO Investment Distributors, LLC, the distributor for the BMO Funds. Member FINRA/SIPC. FINRA’s BrokerCheck.
BMO Taft-Hartley Services and BMO Trust and Custody Services are a part of BMO Global Asset Management and a division of BMO Harris Bank N.A., offering products and services through various affiliated entities of BMO Financial Group.
Investment advisory services in the United States are provided by BMO Asset Management Corp., BMO Asset Management Limited, LGM Investments Limited, BMO Global Asset Management (Asia) Limited, Pyrford International Ltd and Taplin, Canida & Habacht, LLC.
Investment advisory services in Canada are provided by BMO Asset Management Inc., BMO Asset Management Corp., LGM Investments Limited, BMO Global Asset Management (Asia) Limited and Pyrford International Ltd.
Financial promotions in the United Kingdom are provided by LGM Investments Limited, Pyrford International Ltd, and BMO Asset Management Limited. LGM Investments Limited, Pyrford International Ltd, and BMO Asset Management Limited are authorized and regulated by the Financial Conduct Authority in the United Kingdom.
Asset management services in Hong Kong are provided by BMO Global Asset Management (Asia) Limited, licensed by the Securities and Futures Commission to conduct regulated activity Type 9 - asset management under the Securities and Futures Ordinance.
Investment products are: Not a Deposit — Not FDIC Insured — No Bank Guarantee — May Lose Value.
Copyright © 2019. BMO Financial Corp. All Rights Reserved.
TM/® Trade-marks/registered trade-marks of Bank of Montreal, used under license.