*Market watchers noted that the poor showing for Germany’s far-left Die Linke party, meant that a fully left-leaning coalition in the Bundestag was now out of the question.*
*Holger Schmieding, chief economist at Berenberg Bank, said in a research note that a pact between the SPD, Die Linke and the Greens could have “impaired trend growth through tax hikes, reform reversals and excessive regulations.*
*Elsewhere, European Central Bank President Christine Lagarde said in remarks to a European Parliament committee that euro zone inflation could exceed the bank’s projections but price increases would likely be temporary.*
*Meanwhile, the U.K.’s opposition Labour party resumes its annual conference in Brighton Monday.*
U.K. energy stocks like BP were closely watched on Monday after panic buying over the weekend due to a truck driver shortage that left many gas stations in Britain without any fuel.
*Here are some events to watch this week:*
#Fed Chairman Jerome Powell and Treasury Secretary Janet Yellen to testify at a Senate Banking Committee hearing Tuesday
#European Central Bank President Christine Lagarde speaks Tuesday at the ECB Forum on Central Banking
#Japan’s ruling party votes to elect leader, Wednesday
#Central bank chiefs Andrew Bailey (BOE), Haruhiko Kuroda (BOJ), Christine Lagarde (ECB) and Jerome Powell (Fed) participate in an ECB Forum panel, Wednesday
#House Financial Services Committee hearing on the Fed, Treasury’s pandemic response, Thursday
#China Caixin manufacturing PMI, non-manufacturing PMI, Thursday
#Univ. of Michigan sentiment, ISM manufacturing, U.S. construction spending, spending/personal income Friday
*Currencies*
The Bloomberg Dollar Spot Index was little changed
The euro fell 0.2% to $1.1698
The British pound rose 0.2% to $1.3705
The Japanese yen fell 0.2% to 111.00 per dollar
*Bonds*
The yield on 10-year Treasuries rose three basis points to 1.49%
Germany’s 10-year yield was little changed at -0.22%
Britain’s 10-year yield advanced three basis points to 0.95%
*Commodities*
West Texas Intermediate crude rose 2% to $75.46 a barrel
Gold futures were little changed.
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By: via @AlliesFin Serve Stock Market
