- U.S. equities finished negative for the week: The Dow Jones Industrial Average (DJIA) closed 190 points lower, or fell 0.86%, to 21,798. The Standard & Poor’s 500 (S&P 500) index lost 15 points, or fell 0.61%, to 2,461. The Nasdaq closed last week 1.17% lower at 6,360.
- ECB Rate Decision: Last week, European Central Bank President Mario Draghi announced its decision to leave its main interest rates unchanged. The main refinancing rate stays at 0.00%, the marginal lending facility rate stays at 0.25%, and the deposit facility rate stays at -0.40%. The Euro strengthened to the highest level in nearly 3 years following comments around the robustness of growth in the region. Draghi also signaled a potential announcement next month to end the bank’s asset purchases in 2018. .
GDP Growth Rates of European Economies in the Second Quarter of 2017
(% change over the previous quarter)
Source: Eurostat, Strategas (September 2017). Ireland, Luxembourg and Malta data not available for 2Q17
- Key reports/items for the upcoming week include the NY Fed survey of consumer expectations, a series of brokerage conferences covering specific industries, the U.S. Job Openings and Labor Turnover (JOLTs) Survey and the Consumer Price Index (CPI) for the U.S. and some European countries. The highlight of the week will be the Apple product launch on Tuesday.