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U.S. Stocks Rise on Consumer Confidence After Debate; Oil Slumps
U.S. stocks shrugged off a drop in oil to rally as consumer confidence jumped and banking shares rebounded. Mexico’s peso led emerging markets higher on the perception that presidential nominee Hillary Clinton beat Donald Trump in their first debate.
The S&P 500 Index extended its quarterly advance, led by technology and retail companies, while European stocks halted a two-day rout as banks trimmed their losses. Mexico’s peso, increasingly a barometer of Trump-related anxiety, led gains among the world’s major currencies. Treasuries advanced to a three-week high as the dollar retreated. Oil tumbled as Iran said it’s unwilling to freeze output at current levels and wants to raise production to 4 million barrels a day. Gold and copper slumped.
Equities climbed after data showing U.S. consumer confidence rose to the highest since 2007 bolstered optimism about growth in the world’s largest economy. The report also fueled gains in Europe, where lenders almost erased losses, with Deutsche Bank AG unchanged after plunging to a record low. While stocks struggled to find direction in early trading, polls showing Clinton outperformed Trump in the debate were also cited as a reason for relief. Citigroup Inc. has said a Republican win in November could sink stocks and warned this week it may also spur volatility in both gold and currency markets.
“You have the perspective that Trump lost the debate and good consumer confidence numbers,” said Dennis Debusschere, a senior managing director and global portfolio strategist at Evercore ISI in New York. “If Deutsche bank goes to the back page on the day, the markets can focus on the election and the confidence data.”
The S&P 500 Index extended its quarterly advance, led by technology and retail companies, while European stocks halted a two-day rout as banks trimmed their losses. Mexico’s peso, increasingly a barometer of Trump-related anxiety, led gains among the world’s major currencies. Treasuries advanced to a three-week high as the dollar retreated. Oil tumbled as Iran said it’s unwilling to freeze output at current levels and wants to raise production to 4 million barrels a day. Gold and copper slumped.
Equities climbed after data showing U.S. consumer confidence rose to the highest since 2007 bolstered optimism about growth in the world’s largest economy. The report also fueled gains in Europe, where lenders almost erased losses, with Deutsche Bank AG unchanged after plunging to a record low. While stocks struggled to find direction in early trading, polls showing Clinton outperformed Trump in the debate were also cited as a reason for relief. Citigroup Inc. has said a Republican win in November could sink stocks and warned this week it may also spur volatility in both gold and currency markets.
“You have the perspective that Trump lost the debate and good consumer confidence numbers,” said Dennis Debusschere, a senior managing director and global portfolio strategist at Evercore ISI in New York. “If Deutsche bank goes to the back page on the day, the markets can focus on the election and the confidence data.”
http://www.bloomberg.com/news/articles/2016-09-26/most-asian-equity-futures-drop-amid-haven-revival-before-debate
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