In what has been called "the most important day for Brexit since the referendum", UK PM Theresa May is about to deliver a key speech laying out the next steps of the UK divorce process.
.@theresa_may has arrived for her key #Brexit #FlorenceSpeech - and in a Maserati no less. pic.twitter.com/7lw7Ffo69V
— Mark Stone (@Stone_SkyNews) September 22, 2017
S&P futures retreated along with European and Asian shares with tech, and Apple supplier shares leading the drop while safe havens such as gold and the yen rose, as the war of words between U.S. President Donald Trump and Kim Jong Un escalated and North Korea threatened to launch a hydrogen bomb, leading to a prompt return of geopolitical concerns. Trade focus now turns to a planned speech by Theresa May on Brexit (full preview here).
On Friday - a day many have called "the most important day for Brexit since the referendum" - Theresa May will delivers her much anticipated Brexit speech in Florence. The roughly 5000-word speech is scheduled at begin around 09:15 EDT and is expected to provoke an immediate response from Brussels.
One day after the much anticipated Fed announcement in which Yellen unveiled the "Great Unwinding" of a decade of aggressive stimulus, it has been a mostly quiet session as the Fed's intentions had been widely telegraphed (besides the December rate hike which now appears assured), despite a spate of other central bank announcements, most notably out of Japan and Norway, both of which kept policy unchanged as expected.
The day has finally arrived: today the Fed will officially announce the start of its balance sheet shrinkage (full preview here) while keeping rates unchanged, perhaps hiking again in December (market odds at 56%), while revising its economic projections and "dots", most likely in a lower direction.