Last week saw four major central banks announce their policy decisions. Among them, the Bank of Japan remained quite dovish while the U.S. Federal Reserve and Bank of England learned surprisingly more towards the hawkish side. The dollar and pound showed moments of strength while the yen weakened across the board. But after a busy week of fundamental events, this week is set to be a quieter one in terms of economic data and central bank meetings.
Crude oil prices continue to be weak as another rise in U.S. oil rig counts overshadows the fact that U.S. production in June is well below what the Energy Information Administration was predicting. The mood is still bleak as Libya says they want to raise production to one million barrels a day despite reports of shipments out of East Libya being halted. Atlantic storms are warning that this hurricane season may be an active one. Crude oil is in a rut and the bears seem to have control even as we are hitting price levels that could put at risk U.S. shale oil output.
Highlighted Market Movers
WFM +29% AMZN to acquire WFM for $42 per share
HOS +34% From yesterday, announced new credit facility
BAH -18% Investigation by DOJ, d/g to Market Perform at RJ, d/g to Hold @ Vertical
UNFI -10% Volatility impacted by AMZN / WFM deal