US stocks drop amid Hong Kong protests, rate concerns
US stocks fell as Hong Kong protests added to geopolitical concern and a rebound in consumer spending fueled speculation the Federal Reserve may raise interest rates sooner than anticipated. The S&P 500 lost 0.3% to 1,977.80. The Dow slid 41.93 points (0.3%) to 17,071.22.
Fed’s Evans says patience on rates means 2016 with inflation low
Federal Reserve Bank of Chicago President Charles Evans said he favors holding the federal funds rate near zero until the 1Q16 to ensure that the economy is able to withstand higher borrowing costs. Evans and other Fed officials are urging patience before tightening policy, even as the jobless rate has fallen to match an almost six-year low of 6.1%. He said that while the first interest-rate increase from near zero could happen in mid-2015, he favors waiting to be sure the economy is stronger and inflation will be near the central bank’s 2% objective.
Consumer spending climbs as job gains boost wages
Consumer spending rebounded in August as employment gains revived household earnings growth and encouraged Americans to return to shops and car dealerships. The August’s 0.5% increase was more than forecast and followed little change in July, Commerce Department figures showed.
Pending sales of US existing homes fell 1% in August
Contracts to purchase previously owned homes declined in August as tighter credit and limited wage growth weigh on potential buyers. The pending home sales index dropped 1% in August after a 3.2% increase in July, the National Association of Realtors said.
Euro-area economic confidence falls in sign ECB plan takes time
Economic confidence within the euro-area diminished in September in a sign that the European Central Bank’s (ECB) measures to shore up the recovery have yet to bear fruit. An index of executive and consumer sentiment slipped to 99.9 in September from 100.6 in August, the European Commission said.
German inflation beats estimates as ECB adds euro-area stimulus
German inflation beat economists’ estimates in September as the ECB prepares to implement more stimulus in the euro-area. Inflation, calculated using a harmonized European Union method, was 0.8% in September unchanged from August, the Federal Statistics Office said.
Flows to emerging markets rebound after August slump, IIF says
Emerging market portfolio inflows rebounded in September while remaining below average levels of the past four years, a report from the Institute of International Finance (IIF) showed. Emerging markets received US$18bn in total inflows in September compared with a revised US$12bn in August, according to the IIF. That’s still below the US$24.4bn monthly average from 2010 to 2013. IIF economist Robin Koepke said the outlook for US Fed monetary policy could be one reason. “Given the concerns about Fed exit, it’s reassuring that flows picked up a little bit.”
WTI rises to two-week high on economy, Brent gap shrinks
WTI rose to the highest in almost two weeks on speculation stronger US economic growth will boost demand for oil. Brent for November settlement rose US$0.20 to US$97.20 a barrel on the ICE Futures Europe exchange.
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