Breaking News
Investing Pro 0
Cyber Monday Extended SALE: Up to 60% OFF InvestingPro+ CLAIM OFFER

Marketmind: Vigils

Economy Sep 19, 2022 01:10AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
© Reuters. A rainbow appears in the sky near the Horse Guards Building a day before the funeral of Britain's Queen Elizabeth, following her death, in London, Britain September 18, 2022. REUTERS/Marko Djurica TPX IMAGES OF THE DAY

A look at the day ahead in European and global markets from Tom Westbrook

London markets close on Monday for the funeral of Queen Elizabeth II. The tone everywhere else is sombre and nervous as no fewer than 13 central bank meetings loom this week.

Wednesday's U.S. Federal Reserve decision - and the committee members' rate projections - are the centrepiece but decisions in Britain, China and Japan are also in focus.

Stocks took a bath last week as traders re-priced the Fed's outlook, with markets now positioned for a 75 basis point hike on Wednesday and U.S. rates seen galloping above 4% by March.

A holiday in Japan kept a lid on moves in Asia but pressure is building on both the yen and the yuan, as Beijing and Tokyo swim against the policy tide by holding rates low.

China cut reverse repo rates on Monday and the yuan slipped back to the weaker side of 7 per dollar. Benchmark loan rates are set on Tuesday, with an outside chance of more cuts.

The Bank of Japan is under growing pressure from speculators in the FX and bond markets to abandon a policy of pinning yields near zero - a policy change on Thursday is unlikely but not impossible.

The Bank of England also announces a policy decision on Thursday, delayed by the Queen's death, with markets expecting a hike although split on the magnitude.

Meanwhile, London bids Elizabeth a final farewell. An official lying-in-state period ends shortly before sunrise, and mid-morning some 142 sailors pull a gun carriage holding her casket to Westminster Abbey for a funeral service.

Terminal velocity

Key developments that could influence markets on Monday:

UK markets closed for Queen's funeral

ECB's de Guindos speaks

U.S. Sep NAHB housing market index

U.S. T-bill auction

Marketmind: Vigils

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
Sign up with Email