What's Happening Today:
- Following a somewhat mixed session in Asia and Europe, U.S. based equity futures are pointing to the downside this morning. Macroeconomic themes are still the overall focus for market participants this morning as economists are digesting the most recent UK based data on employment. The overall unemployment rate is 4.3%, below the 4.4% reading the previous month. Average Earnings were below expectations at 2.1%, unchanged from last month's reading. This is quagmire that is on the minds of analysts as they attempt to make sense of this unique situation. This morning's PPI figures in the U.S. will provide greater insight on the price levels as it relates to the dual mandate of the FOMC.
- The theme in Energy markets continues as the U.S. aims to return to normal production and supply levels following the two massive Hurricanes over the past few weeks and the ongoing saga with the OPEC led producing nations with respect to the international supply levels. Traders are looking for any rhetoric and headline risk to identify short term and medium term directional bias as it relates to price action in WTI Crude and the coveted equilibrium price.