U.S. indices were under pressure after House of Representatives Speaker and Democrat Nancy Pelosi said she will meet with Democratic lawmakers to consider opening impeachment proceedings against President Trump on Tuesday. The biggest company losers were in the Semiconductors & Semiconductor Equipment (-1.79%), Media (-1.68%) and Energy (-1.63%) sectors.
On the economic data front, the Conference Board Consumer Confidence dropped to 125.1 in September (vs. 133.0 expected) from 135.1 in August. On Wednesday, we expect new homes sales to grow 3.6% MoM to an annualized rate of 658K units in August.
The S&P 500 (2966.60) trades below its 20d moving average (2,967.51 – positive slope) but above its 50d moving average (2,950.01 – negative slope).
European markets are expected to open on a negative note.<\/p>\n\n\n\n
Foreign Exchange<\/strong><\/p>\n\n\n\n The US dollar was bearish against all of its major pairs on Tuesday. On the economic data front, US Consumer Confidence dropped to 125.1 which was lower then estimated 133 for September compared to 135.1 in August. On Wednesday we expect US MBA Mortgage Applications for the week ending September 20th and Monthly US Homes Sales which are expected to rise 23K in August from 635K in July.
The Euro was bearish against most of its major pairs with the exception of the CAD and USD. In Europe, the IFO Germany Business Expectations index fell to its lowest level since 2009 at 90.8 in September versus 92.0 expected and 91.3 in August. Also, U.K. Supreme Court judged Prime Minister Boris Johnson Parliament suspension as Unlawful and called for the parliament to meet as soon as possible.
The Australian dollar was mixed to bullish against most of its major pairs with the exception of the NZD and CHF.<\/p>\n\n\n\n