The British pound/U.S. dollar currency pair started the day how it ended yesterday: higher. Speculators were still feeling bullish after the stronger UK inflation figures had raised the prospects that the Bank of England may turn hawkish. However, the gains were short-lived as the cable headed back lower after UK average weekly earnings came in at 2.1% earlier versus 2.4% expected. This was the lowest level since late 2014.
A surprise increase in U.S. oil supply as reported by the American Petroleum Institute as well as a report on increased shale oil production from the International Energy Agency has the oil market acting loopy. The IEA predicted that oil supply would outstrip demand next year, with output increases from U.S. shale producers.
Highlighted Market Movers:
HDP +10% IBM, Hortonworks Expand Partnership to Help Businesses Accelerate Data-Driven Decision Making
CVCO +10% Announced Earnings, Beats on EPS and Revenue
CAKE -9% Expects comparable sales at restaurants for the second quarter of fiscal 2017 to be down approximately 1%
SYNA -7% Conexant to be Acquired by Synaptics to Boost Technology Portfolio