SubscribeDaily Futures Commentary FINANCIALS March 16, 2009
Monday, March 16, 2009
OVERVIEW
Global equity markets are up again overnight on optimism that we may have seen the bottom of the recession. Asset allocation plays are the theme as money is moving around between the U.S. Dollar, Gold, U.S. Treasuries and Equities.
On the television show 60-Minutes, Fed Chairman Bernanke said the recession could end in 2009 with a recovery to begin in 2010. This comment is inline with his testimony before Congress earlier in the month, but nonetheless potentially bullish.
The G-20 meeting ended this week-end with no real new developments. They had no immediate solutions to the global financial crisis but did promise to make more money available to emerging markets. This news is giving Asia currencies a boost.
OPEC decided to leave the current production in place citing the fear that driving oil prices higher could hurt the global economy just as it is starting to recover.
The Bank of Japan and the U.S. Federal Reserve meet this week. Both are considering quantitative easing as their next weapons of choice to use to revive the economy.
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