Market wrap: EZ mixed, US stocks marginally higher, EMs recovering - ANZ

Analysts at ANZ explained that European shares were mixed overnight with volumes down about 25% compared to the last 100 days of trading. 

Key Quotes:

"US stocks inched out marginal gains. The S&P 500 rose above 2900, but has since bounced around that level, supported by the proposed trade deal with Mexico. The USD was mixed against the G10."

"Emerging markets outside of Turkey continue to perform well with USD/CNH stabilising near 6.80. The US curve bear steepened with solid consumer confidence driving rates higher: the 2-year yield rose 2bps and the 10-year yield 4bps. Commodities were biased lower. Oil is down 0.4% with gold down 0.9%."

"The Conference Board’s measure of US consumer confidence rose to the highest level since October 2000 in what was an all-round strong print. Consumer confidence lifted to 133.4 from 127.9 (beating expectations of 126.5). Present situation lifted from 166.1 to 172.2 and future situation increased from 102.4 to 107.6.

The data suggest consumption will be supported through Q3. And with November mid-terms around the corner, elevated levels of consumer confidence are positive for the Republican Party."