- Bessent says that Lisa Cook hasn’t denied allegations of mortgage fraud
- Bessent: There is a very good chance Miran is seated at Fed before Sept meeting
- Silver rises to the highest in 14 years
- Trump says drug companies need to show data on effectiveness of covid vaccine
- What assets performed the best in August
Markets:
- WTI crude up 68-cents to $64.61
- Bonds closed
- S&P 500 futures up 0.2%
- Gold up $30 to $3476
- GBP leads, JPY lags
The US/Canadian holiday kept a lid on trading on Monday, though the market did have to react to a US court blocking Trump’s tariffs. The reaction so far suggests the market is taking a ‘wait and see’ approach as it will work its way though the courts.
There was some mild risk appetite with NZD making modest gains and the euro climbing. US stock futures got a lift as well but it was nothing substantial. Eyes were on political risk in the UK and France but that didn’t stop the euro from steadily grinding to the upside.
The standout performer of the day was precious metals, with silver particularly strong and rising to the highest in 14 years. Gold also gained for the fifth day and is just $25 from the all-time record set earlier this year.
News flow was light as you would expect on the holiday but Trump tweeted about Covid vaccines and the trading relationship with India. Neither could be seen as a market mover and there are some murmurs about his health as he keeps an unusually low profile.
This article was written by Adam Button at investinglive.com.