It’s a new week after a weekend chalk-full of rumors:
- Credit Suisse or another major bank going down
- An emergency Fed meeting
- A big OPEC+ cut
Shares of Credit Suisse are down 7.5% today, which is basically a win given the horrid press they had on the weekend. The emergency Fed meeting rumors were based on a gross misunderstanding of regular Fed meetings. And the OPEC cut rumor has legs, with oil up $3.50.
What next? We’ll get some real economic data with the S&P Global PMIs for Canada at 9:30 am ET (1330 GMT) and the US report 15 minutes later. The main data slate comes at 10 am ET with the US ISM survey and construction spending.
The Fed calendar features Bostic at 9:05 am ET, Barkin at 1145 am ET and George at 2:15 pm ET. I’m not expecting much with Fed presidents lately sticking to the script. Potentially more market-moving will be the BOE’s Mann at 2 pm ET.