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27/09/2018 Argonaut Morning Note

    Home Stockbroking & Research Morning Notes 27/09/2018 Argonaut Morning Note
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    27/09/2018 Argonaut Morning Note

    By admin | Morning Notes | 0 comment | 27 September, 2018 | 0

    Market Update & Important Indicators

    FOMC raised interest rates by 25bp as widely expected to a range of 2 percent to 2.25%. 10-year yields fell to 3.05%; The Fed statement dropped the word accommodative, but FOMC Powell suggested not to read too much into language changes; They raised the economic outlook, with an upbeat assessment suggesting there are further hikes to come, probably before the year end. The Dot plot shows 12 of the 16 officials favour a 4th hike in 2018; President Donald Trump later stated “We are doing great as a country,” at a press conference in New York. “Unfortunately, they just raised interest rates a little bit because we are doing so well. I am not happy about that.”; The US dollar was flat after the announcement with the DXY at 94.19, while Gold was a little weaker after volatile trading on the announcement between $1201 and $1191, it settled at $1195; Trump has accused China of meddling in the upcoming US midterm elections, in reference to an advert in an Iowa newspaper attacking the trade war; A roadside bomb in Burkina Faso killed 8 soldiers, this followed 2 incidents last week, this saw West African golds underperform their peers; Explaurum advised shareholders to `take no action` in respect of the unsolicited takeover offer from Rameliius, until a formal recommendation is provided by the directors.

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