Market Chatter: U.S. Futures Rise After Mnuchin Aims To Ease Market Fears
U.S. stock futures climbed and the U.S. dollar fell in thin trading on Monday after Treasury Secretary Steven Mnuchin called top executives from the six largest U.S. banks to discuss liquidity. European and Asian shares fell, Bloomberg News reported. It noted futures on the Dow and S&P 500 climbed and those on the Nasdaq were higher after the index followed Japan's Topix into a bear market on Friday.
According to the report, Mnuchin also attempted to assure financial markets that Federal Reserve Chairman Jerome Powell would not be ousted from the central bank following an earlier report that said Trump has repeatedly discussed removing him. It noted havens, including gold and the yen, climbed, while Treasuries were little changed.
Bloomberg said Mnuchin's steps to placate markets were necessitated by increased volatility as the final quarter draws to a close. It said concern around Powell's future added to uncertainty just as holiday-related market closures crimped volumes. On top of that, the U.S. government shutdown looks set to last past Christmas as negotiations between Democrats and the White House continue over Trump's demand for border wall funding.
(Market Chatter news is derived from conversations with market professionals globally, and/or from other media sources. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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