Market Update & Important Indicators:
Most US stocks fell (Dow down 91 points) as a mixed bag of earnings and concerns over rising interest rates weighed on investor confidence. Treasuries declined as the Fed minutes appeared to lean toward further rate hikes in the future; Iraq shipped the lowest amount of crude to the US refiners in more than two years as more flowed to Asia and Europe ahead of impending Iran sanctions. WTI fell to $70/bbl after American stockpiles swelled for the fourth straight week; The US Treasury held back from stating China as a currency manipulator in its semi-annual report on forex rates, averting a further escalation of a trade war; MBA mortgage applications declined 7.1%, while US Housing starts fell 5.3% broadly in line with expectations; The USD rose to 95.57 with 10-year bonds yielding 3.20%. The gold price trimmed recent gains to close at $1,222/oz; Alcoa shares rose 1% after beating analyst expectations but reduced its demand forecast for global Aluminium, further warning against trade tariffs; Australia releases its Employment data today, expectations are for 15,000 new jobs with an unemployment rate of 5.3%.