|Tuesday, Sept 27, 16|
SPX Up, Dollar Up, Crude Down
Topic of the morning is last night’s most watched television debate in history between Clinton and Trump. Post data polling by CNN indicates Clinton was the winner using a population of 521. On the contrary, Drudgereport.com post polling data indicates Trump was the winner using a population of +360,000. Nevertheless, the most comical point was Trump calling out a “political Federal Reserve”, as well as US economy “in a big fat ugly bubble”. Moments later, Wall Street decides to call the winner by pushing risk assets higher calling it the Hillary Rally. In the 7am hour, the rally has fizzled after news that the DOJ is assessing the size of the criminal fine it can extract from Volkswagen over the emission scandal. Deutsche Bank hits a new all time low to the mid-11 handle as CDS rising to new all time highs following statements from Merkel prior session of no government bailout of the financial institution. In the commodity space, WTI is -123bps following comments from Iran’s oil minister Zanganeh that Algiers meeting a freeze is “not our agenda”.