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Columbus Day and Everyone’s Off

Columbus Day and Everyone’s Off

It appears that we have skipped straight from summer to winter in London this morning and as the nights draw in, what should be a rather busy week on the markets starts rather quietly as Bond markets are closed in the US as they celebrate Columbus Day. Earnings season does get into full swing but not until after Americans celebrate the arrival of Christopher Columbus on American shores.

There was lots of rhetoric out of the US this weekend as Fed Vice Chairman Stanley Fischer bemoaned the state of the global economy and said it could delay an increase in US interest rates. Despite this caveat, Fischer still commented on how we will probably see a rate hike, in line with expectations in 2015.

The ECB have also been vocal over the weekend, commenting on how the IMF and ECB have different deflation definitions and ECB policies are not directly targeted at FX rates. We have also seen a battle of words between Mario Draghi and Bundesbank President Jens Weidmann. Draghi repeated his readiness to expand the ECB’s balance sheet by €1 trillion whilst Weidmann immediately countered that no amount is set in stone.

It’s a really quiet day today with no major news coming out during UK trading hours so we may have to rely on sound bites from European finance ministers to move the markets.

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