Friday Financial Report

Good morning,

Futures for major U.S. exchanges are down this morning, following Thursday’s poor market performance. The Nikkei and Hang Seng took losses during their trading day of 1.46% and 1.86%, respectively. In European markets, we see the UK’s FTSE continue on its three day rally, as the German DAX looks to be rounding out its bad week with more losses. Additionally, pre-market trading for many of the oil companies in the S&P 500 is indicating a sharp downturn following two days of gains related to the OPEC meeting on Tuesday. This may be a result of growing skepticism over the deal, which will not be formalized until November.

Deutsche Bank continues to suffer as several large hedge funds have decided to move their accounts out of the bank. Though the move was large (though the exact amount was not disclosed), it is a drop in the bucket compared to the $600 billion in Deutsche’s total deposits–but it serves to underscore the sentiments of the market. The bank’s executives, however, are citing the nearly $247 billion in liquidity reserves as the antithesis to concerns over their ability to pay a (possibly) $14 billion settlement with the US Justice Department.

U.S. Gross Domestic Product growth was revised up to 1.4% yesterday, beating the expectations of most analysts. However, the gain is below the gains of 1.5% for each of the past three quarters, leading many to believe that the economy has slowed-down after the seven years of growth following the recession.

SnoQap Team

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