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Powell in trouble, personal spending, UK energy prices – market moves

By Jeffrey Smith – Federal Reserve Chairman Jerome Powell delivered his long-awaited keynote address at the annual symposium in Jackson Hole. The U.S. is to publish data on personal income and spending, as well as July price data that the Fed really cares about. Energy prices continue to rise in Europe as Elon Musk has a partial victory in his battle with Twitter. This is your Friday 26 in August What you need to know about the financial markets.

1. Powell at Jackson Hole

The activity that has plagued the market for a week is finally here , as Chairman Jerome Powell at Jackson Hole delivered a keynote speech at the Federal Reserve’s annual Central Banking Symposium.

Top of the agenda is how Powell will steer expectations for the Fed’s September policy meeting, where the Fed decides to raise rates in the summer is guided by 67 base point instead of

it. The market is currently divided between expected rate hikes of half a point or 75 basis points, which means the market may see a sudden React Powell flag.

Powell will speak at : ET (10: GMT).

2. Personal spending, Michigan Consumer Confidence Index

The US will also release some key data on the Fed’s radar in the morning. exist08: 26 ET, there will be information about personal income

and July spending , and the price index for personal consumption expenditures.

PCE price is favored by the Fed Inflation measures because they more accurately reflect the spending patterns of U.S. consumers, especially low-income consumers, who tend to be worse off from inflation.

exist08: 00 ET, the University of Michigan released an Final estimates of consumer sentiment where one year and Five-year Inflation expectations component will get the usual highs

3. Stocks mark TIME, but earnings support late Thursday; HP earnings due

U.S. stocks mark time ahead of day’s big events, trim week Four benefits.

By : EST, Dow Jones futures fell points, or 0.2%, while



fell 0.3%, Nasdaq 2020 Futures fell 0.5%.

Better-than-expected results and guidance after Thursday’s close supported sentiment from weekdays (na Starkey codes: WDAY), Ulta Beauty (NASDAQ: ULTA

) and – once – Gap (NYSE: GPS).


) and JinkoSolar (NYSE: JKS

) lead in Friday’s earnings report.

Elsewhere, Twitter (NYSE: )TWTR

) stock came after a judge ordered the company to put After some of its internal discussions about spam accounts were handed over to Elon Musk, it came under a little pressure again, while denying his “ridiculously broad” demands for nearly all user data.

4. The energy crisis in Europe is intensifying

British households will be Energy payments will triple what they were last winter.

UK energy regulator Ofgem raises the annual cap on typical ‘dual fuel’ bills to 3. From October 1st 188 GBP ($4,549 per year ), reflecting the sharp rise in wholesale energy prices in summer. The next review in January will be even worse. Citigroup estimated earlier this week that if the government does not act to slow the rise in fuel bills, it will push inflation

as high as %. GBP weakened again, test 93 – a record low for the year 2020.

Continental Europe is also showing no sign of relief yet: Germany 549 baseload electricity prices hit a record high of over 2020 A new record for EUR per MWh – this will reportedly bring the cost of a single washing machine cycle to 18 some estimates around the euro. In related news, German consumer confidence

fell to a record low.

5. Oil prices rise as OPEC lines up behind Saudi output cut warning rebounded after the news to cut oil production. Energy Minister Prince Abdulaziz warned in an interview that the weakness in futures prices in recent weeks failed to reflect the ongoing nervousness in the spot market.

U.S. gasoline market also faces temporary squeeze due to shutdown BP (NYSE: BP

) refineries After a fire in the Midwest.

By : 26 ET, US crude oil Futures rose 1.2% to $67.26 one barrel, while Brent

futures rose 1.5% to $100. 67 A bucket.

Baker Hughes’ rig count and CFTC’s Positioning data ended the week as usual.



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