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Markets active around Catalan independence vote, weekend attacks and PMI reports

October is off to a busy start for trading in the wake of a number of big events over the weekend.

Despite heavy handed and ultimately counterproductive interference from Spain's federal government, the Catalonia independence vote was held on Sunday. Of the ballots that were not blocked or confiscated, 90% were in favour of independence. This news has pushed the IBEX down 1.3% to start the week and sent the Euro down relative to the US Dollar

Sentiment toward the US has been more positive to start the week with the Dollar up against most majors and index futures up 0.2% sending SPX to an all-time high.  Traders appear to be responding well to speculation on a news Fed Chair and tax reform. Key data reports today include manufacturing PMI and construction spending, with employment later in the week.

That being said, US casino stocks could come under pressure today following last night's tragic shooting in Las Vegas. A gunman opened fire on a music festival from a window in the Mandalay Bay casino killing over 50 people and injuring over 200 people. This tragedy could potentially have a big impact on a city and sector heavily dependent on tourists and public events. 

It's unclear what impact Saturday's terrorist attack in Edmonton has had on the Canadian Dollar which has moved through $0.8000 / $1.2500 against the greenback today. WTI crude falling 1.3% certainly isn't helping. Positive China PMI reports had helped Australia to a 0.8% gain. 

The rumoured merger between Metro and Jean Coutu was finalised over the weekend, sparked by a need to compete against Amazon.com and the Loblaws-Shoppers combination.  Metro has agreed to pay $4.5B or $24.50 per Jean-Coutu share in a cash and stock friendly deal. 

 

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Disclaimer: CMC Markets is an execution-only service provider. The material (whether or not it states any opinions) is for general information purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although we are not specifically prevented from dealing before providing this material, we do not seek to take advantage of the material prior to its dissemination.