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Market View

US Retail Sales Rise for the Second Straight Month

Wednesday, September 16, 2015 12:28 PM GMT

- The ZEW Indicator of Economic Sentiment for Germany has declined in September 2015. Decreasing by 12.9 points compared to the previous month, the index now stands at a level of 12.1 points (long-term average: 24.9 points). “The weakening economic development in emerging markets dampens the economic outlook for Germany’s export-oriented economy. While economic growth in the second quarter was largely driven by external demand, it is becoming less likely that exports will stimulate growth in the near future,” says ZEW President Professor Clemens Fuest. (Source: Zew.de)

- Since August 14 2015, New Zealand economic releases have been outperforming relative to economists' expectations. (Source: DailyFX)

- RBA's Debelle: Govt bond yield is best measure of risk-free yield, bond mkt liquidity not going to change any time soon. Also he added that ''medium-term Australia growth rate may have slowed.'' (Source: RBA)

- JPY, NZD, CHF are expected be the most active majors vs CAD with 1W implied volatility at 14.77, 13.15, 13.10 respectively. Also, yesterday (on Tuesday), So far this session CAD has been the best performing major vs USD with +0.14% spot returns while GBP has been the worst with -0.63%. (Source: DailyFX)

- ECB's Nowotny: Weak Euro area inflation is "big problem for ECB"; QE extension is thinkable. (Source: DailyFX)

- There hasn’t been this much media attention over a single decision since LeBron James took his talents to South Beach in 2010. But in the annals of Wall Street, Federal Reserve Chairwoman Janet Yellen, and her colleagues this week will make the most significant call in years, one that could prove pivotal for global financial markets. Wall Street analysts are deeply split over the Fed’s next move. Importantly, even if analysts knew how the Fed will proceed, the market’s response isn’t clear. The first rate increase in nearly a decade could spark turmoil in an array of assets from stocks to gold, but so could a delay, depending on how the central bank frames its decision. The unpredictable nature of this meeting makes the conclusion of the Fed’s two-day meeting on Thursday distinctly different from any in history. (Source: MarketWatch)

- ECB Vice President Constancio: scope to increase QE when necessary, compared to Fed, BoE, BoJ, the scheme is small (Source: Reuters)

- Retail sales in the U.S. climbed for a second straight month, a sign consumers may be looking past recent volatility in financial markets. The 0.2 percent increase in August followed a 0.7 percent gain in July that was larger than previously reported, Commerce Department figures showed Tuesday in Washington. The median forecast of 84 economists surveyed by Bloomberg called for a 0.3 percent advance. Although confidence has taken a hit from stock-market turmoil and global-growth concerns, the data show households are still putting their savings from cheap energy to work. (Source: Chicago Tribune)

- Oil Gains from Output Fall; Copper Weakened, Gold Dormant before Fed. (Source: DailyFX)

- Today’s Upcoming Events: US Housing, Brazil Sales, UK Labor.

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