By Bryan McCormick
By the time our markets start the pre-market on Monday, they are likely to have reacted to a special emergency policy meeting in Japan. The meeting will focus on ways to lower the value of the yen, which is seen as hurting exports. At time of writing on Sunday evening, the Nikkei and US stock index futures were both responding positively to the news. If this situation holds, it will be good news for the bulls.
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The only economic releases for Monday is Personal Income and Outlays at 8:30am eastern time. Income is expected to show a rise of 0.3 percent, with a range of a 0.1 percent to a 0.6 percent. Spending is also expected to rise by the same 0.3 percent amount. The range in that case is a bearish 0.1 percent to a bullish 0.5 percent.
The optimal scenario for the report is for both income and spending to rise by roughly the same proportion. Any negative reading showing contraction would be the most bearish outcome, particularly since no economist has forecast them for this report.
Disclosure: No positions
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