Afternoon Market Update – 07/11/2016 – by Jaz Singh

Following news from the FBI that Clinton’s usage of her emails is not deemed criminal, the dollar and equities gapped higher in early trade. European stocks have retreated from four monthly lows regaining nearly half of the losses seen over the past week.  In the fixed income space, the yield on US treasuries has increased as a Fed rate hike in December seems more likely under a Clinton presidency. Haven assets such as Swiss franc, yen and gold sold off in response to this news. However, these moves have not persisted in recent trade as traders remain hesitant in the lead up to the election. This morning we’ve seen Eurozone data in the form of investor confidence which came out positive and retail sales which were mixed. WTI has risen by over 1 percent reaching the $45 handle after the Algerian energy minister said he is confident that OPEC shall agree on an output quota.