Headquarters in london. We are just getting some breaking news out of the International Energy agency. They are one of the best barometers to understand the supply and demand balance when it comes to oil. They are seeing market rebalancing despite the record gulf production. Yesterday, we found out that we understand saudi arabia is pumping at record highs. Put it against the disruptions we saw in venezuela and nigeria, and that stockpiling the u. S. Which beat estimates, and this is a picture for crude. This is brent. States iswti in the still below 42. Iea saying the market rebalancing is happening despite this Record Oil Production from the gulf. What they mean is saudi arabia. That is nymex. Lets get straight to the rest of the markets. I wanted to show you the new zealand dollar. We are seeing that higher. Pound below 1. 30. We had some disappointing news for the housing market. Lets get to nejra cehic. Look researched to a oneyear high after the reserve bank of new england cut ra
Still there, 46. 21 for wti. Lower by. 37. The biggest market story is the dollar. Dropping to lowest level since brexit yesterday. Has since recovered on hawkish fed speak. The last 24 hours, atlanta fed president said two hikes were a possibility this year. Euro cost you a 1. 12. New york fed president suggested the central bank could raise rates as soon as next month. Two key events to watch today, st. Louis fed president James Bullard will speak and then well get minutes from the last momc meeting. And it is. The euro will cost you 1. 12. Pound 1. 30. The yen is at 100 yen dollar level. It had fallen below that yesterday. Violating what ive asked them to do. So now were back to maybe a couple of hikes when i think the probability had the hikes moved out to 2017. Well see. They love to pretend they might do something to get the benefit of whatever. Theres a lot of rumors about whats going to happen at jackson hole. About whether theyre going to say negative Interest Rates arent work
And here is a switch. Trump talks policy, hillary does not. And the media, nothing about education, they say the Hillary Clinton email story is out of control. How about that . Just as president obama leaves behind a very embarrassing asian tour, another humiliation, north korea detonates a nuke and says it could put a bomb on a mechaniis at will. And well wrap up this, Varney Company is about to begin. Well, well, well, friday morning, were going to go down at the opening bell. About a half hour ago, a fed president said theres a case to be made to raise Interest Rates gradually. Is that why the market yes, boston fed president. Were going to hear a bunch of fed heads and most of them are going to be pretty hawkish, trying to let the market no, yes, theres going to be some kind of rate hike. The question, is it going to be later this month or the end of the year . The market reacts to this. The Inflation Numbers are going to start to heat up and the only way to combat that is start ra
Futures seem to be negative. In a repeat of yesterday, down in the european session about dow. Points on the then we come back up as things start to unwind. Be interesting to see. Kicked back nicely yesterday. Pause or are we seeing a rotation or minitemper tantrum . That. Ll be dissecting we have some great guests for tabckling the feds. Scott e joined with minors. He will reveal his big call on year note. Plus, later were going to head buenes ares. But first, youre standing by to market. The it felt a little bit down this morning but except you look at commodities. Governors brainards speech. Struck by her. Ne they were. Wasfollow through to europe as follows. Three days of losses. We snap that up. Yesterday, a softer dollar session. Little reverted just a bit with the bloomberg dollar index up by quarter of 1 . Happening on the cable rate. Down by half of 1 . Inflation in the United Kingdom came below estimates. Downside surprise potentially the door if they so wish to cut rates aga
And yet the resiliency is relatively strong. We have got stabilization today after those big swings we have seen over the past couple of sessions of at least 1 in the s p. Now we are not seeing moves that are quite as large although the nasdaq is rising to the highs of the day, up three quarters of 1 . We are seeing some of that volatility come out of the. Arket in terms of drags, volatility is here to stay when it comes to oil prices. We have Weekly Oil Inventories creating a spike in oil and then a drop. It is down 1. 8 and that is because on the one hand there was an unanticipated drawdown in Oil Inventories on the weekly basis. That was a surprise. There was a huge drawdown last week because of hermine and there was expected to be a bounce back. There was a huge increase in distillate inventory. T was what is pushing putting pressure on oil and oil is down as a result. Thehe flipside, one of biggest supports for the market today is apple which is contributing more than two and a ha