Iraq is still impinging on the market making any move firmer. My concern is that it is going to become more of an issue as we enter next year.
More Quotes from Khuram Chaudhry:
I think the focus in the U.S. is on economic data coming out -- things like U.S. import prices. You find a weak dollar will translate into higher import prices, ... In corporate news, Cisco's numbers could have a positive impact, it was helping some of the European tech stocks early ... but European bourses have pulled back a bit.Khuram Chaudhry
There is U.S. existing home sales data out today that is quite key with what's happening with the state of the U.S. consumer. I think the consensus view is that you're still likely to see a great hold up, but if the data oppose that view it could have some impact on the markets.
Khuram Chaudhry
We're finding that the data from the U.S. on industrial activity were pretty weak. It's so-so on the consumer although housing activity is still holding up. When you look at Europe, Sweden and Hungary both cut interest rates this week.
Khuram Chaudhry
All eyes are on the Fed's decision expected later today (Wednesday). We've seen some downward pressure, especially on some of the telecom names, particularly France Telecom, and in also on some German stocks. But the main driver has been what happens with the Fed decision today,
Khuram Chaudhry
If there are no interest rate cuts before the end of the year, the concern will be that we are going down the deflation road, since economic data is unlikely to turn up of its own accord,
Khuram Chaudhry
We are in the midst of the third-quarter reporting season and it's quite likely the numbers will meet expectations or be below, so there is still scope for bad news.
Khuram Chaudhry
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