From The Trading Floor: Equities are fluctuating this morning after Alcoa beat earnings estimates and Janet Yellen’s appointment as next Fed Chair seems all but certain
- Mortgage Applications in the U.S. climbed last week by 1.3% as borrowing costs dropped to the lowest level in 3 months.
- The minutes of the September FOMC meeting will be published at 2:00 p.m. ET. "Since the meeting, a number of Fed speakers indicated that the decision not to taper last month was a “close call” and Chairman Bernanke, along with other Fed policymakers, have indicated that fiscal uncertainty was a significant factor in their decision
- Later today, current Federal Reserve Vice Chair Janet Yellen will be nominated as the next Federal Reserve Chair, succeeding Ben Bernanke. She is not expected to face strong opposition in her Senate confirmation hearing, and would become both the first woman to hold the job, as well as the most powerful woman in American history
- Alcoa reports Q3 adjusted EPS 11c, consensus 6c. Reports Q3 revenue $5.8B, consensus $5.63B
- The U.S. energy boom has helped allow refiners to export more fuel than ever, with sales abroad hitting a record 3.8M barrels a day in July, almost 65% above the 2010 level
- The U.K. recovery may not be as strong as thought, with industrial production surprisingly dropping 1.1% on month in August vs. consensus for a rise of 0.4%.
- German Industrial Production rebounded in August by 1.4% adding to signs that Europe’s largest economy is benefitting from the euro area’s economy
- Support today looks to be at the 1648 / 1651 level with resistance at 1667 / 1670
