Trading Day: Mixed signals, Wall Street wobbles

ORLANDO, Florida, June 22 (Reuters) – Global stocks were mixed on Monday — optimism over Middle East peace talks lifted Asia and Europe, while tech and interest-rate jitters weighed on Wall Street — as investors also absorbed the resignation of UK Prime Minister Keir Starmer and the death of former Fed Chair Alan ​Greenspan.

If you have more time to read, here are a few articles I recommend to help you make sense ‌of what happened in markets today.

Today’s Key Market ​Moves

Today’s Talking Points

* Yen-tervention, where art thou?

Japan’s yen on Monday sank deeper into the ‘intervention zone’, hitting a two-year low and almost touching 162 per dollar, a level that was last breached 40 years ago. It briefly snapped higher to 161 per dollar, a possible indication of official intervention, but ​ended U.S. trading around 161.50.

It would appear Japanese authorities have not intervened. This may be puzzling, as Tokyo has previously and recently bought huge quantities ​of yen around these levels. But with oil down 40% from its May peak, the Nikkei exploding to record highs and the Fed seemingly turning hawkish, ‌perhaps it ⁠shouldn’t be.

* Starmer quits

Britain will soon have its seventh prime minister in 10 years. A day from the 10th anniversary of the Brexit referendum and barely two years after securing a landslide general election victory, Keir Starmer on Monday announced that he intends to step down.

Frontrunner Andy Burnham is expected to replace him, perhaps as early as next month. For markets, the key issues are Burnham’s stance on Britain’s fiscal rules, and his pick for ​finance minister. Markets are sanguine, at ​least initially — sterling and UK ⁠stocks rose on Monday, gilts were mostly steady.

* Alan Greenspan remembered

Former Fed Chair Alan Greenspan died on Monday, aged 100. He was dubbed ‘the maestro’ by admirers for guiding the U.S. economy and markets through boom times, but ​also came under heavy fire from critics who pointed to the eponymous ‘Greenspan put’ as evidence he was ​too in thrall to ⁠markets.

Whichever side of that argument you fall on, there’s no debating his towering presence over the Fed and global central banking, not just during the 19 years of his chairmanship, but beyond.

What could move markets tomorrow?

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Opinions expressed are those of the author. They do not reflect the views of Reuters ​News, which, under the Trust Principles, opens new tab, is committed to integrity, independence, and freedom from bias.

Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.