Market Brief Stocks and Dollar Recover but Traders Think Impeachment Risk Remains

Market Brief: Stocks and Dollar Recover, but Traders Think Impeachment Risk Remains

In political news, President Trump released a memo of his conversation with the Ukrainian President, claiming that there was no quid pro quo to investigate Joe Biden’s son in exchange for military aid. Betting markets remain unconvinced, with PredictIt still showing traders pricing in a 60% probability that Trump gets impeached (though likely not removed from office, given the Republican stranglehold on the Senate).
FX: The US and Canadian dollars were the strongest major currencies on the day, with each -rising by more than 0.5% against their other major rivals. The pound was the weakest major currency today.
Commodities: Both gold and oil fell between 1-2% on the day, with a buildup of oil inventories and news that Saudi Arabia had nearly restored all of its capacity weighing on crude.

US indices closed solidly higher on the day, with optimism about a potential US-China trade deal lending some strength to stocks.
Technology stocks (XLK) led the way while Health Care stocks (XLV) brought up the rear.
Stocks on the move:
- Nike (NKE) rallied 4% today to hit a new record high above 90.00.
- Philip Morris (PM) gained 6% after calling off merger talks with Altria (MO, -0%)

*No major economic data releases are expected during Thursday’s Asian session*

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