High-yielding assets are showing strong bid tones as markets ready themselves for Ben Bernanke’s imminent speech at Jackson Hole this morning. Flash estimates for euro zone inflation and reports that the Spanish government has approved a plan for banking reform has European equities firmly in the green and the EUR on the offensive; the Stoxx, FTSE, and Dax are up 1.44%, 0.58%, and 1.34% at the time of writing.
Sentiment is similarly positive before the opening bell in North America, as futures are positioning equities for a solid open before Ben’s speech at 10:00am EST. The Loonie has generated a strong amount of buying interest after Canadian GDP numbers came in better than economists had previously forecast; USDCAD slammed through the 0.9900 handle before finding some support just above 0.9850.
West Texas Intermediate is trading fairly light this morning, rising along with equities and other risk-correlated assets, briefly piercing the $96/barrel mark just ahead of the bell. Gold is changing hands around $1,660 per ounce, essentially unchanged as traders are unwilling to place large bets before they hear what the Fed Chairman has to say.
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