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MTS Futures News_PM_20181224

24 Dec 2018

•I sat down with UBS’ Art Cashin at the bar at Bobby Van’s steakhouse across the street from the NYSE for our annual look back/look ahead.

Art and I both agree that the big story for 2018 was the return of volatility.

Here are Art’s thoughts on what’s in store for 2019.

On the Federal Reserve and rates:

“I think perhaps the Fed will not hike ever again in 2019. ... If you go back and look at what I said both in our interview and with you time and time again, I have been a bear on yields. I think that the Fed — is somewhat misreading what’s going on. Yields are not going much higher and — there’s an outside chance that they cut before the end of 2019. ”

On stocks: expect a bumpier ride

“I think it will be very volatile, and — for the first half — probably flat to down as the Fed and others grapple with what they want to do.”

• European shares are set to open lower Monday following a session of heavy selling stateside.

Britain’s FTSE 100 was seen 34 points lower, Germany’s DAX 60 points lower and the French CAC 16 points lower, according to IG index data.

Thin volumes are likely to dampen trading activity Monday, with markets set to close early ahead of the Christmas holiday. The FTSE 100 will close at 12:30 p.m. while other European markets close at 1 p.m. London time.

• Asian stocks were mixed on Monday after last week's market turmoil stateside.

South Korea's Kospi slipped 0.31 percent to close at 2,055.01, despite industry heavyweight Samsung Electronics and chipmaker SK Hynix gaining 0.39 percent and 0.67 percent, respectively.

Australia's ASX 200, which closed at 11:10 a.m. HK/SIN ahead of the upcoming Christmas holiday, finished the trading day higher by 0.48 percent at 5,493.8, with almost all sectors seeing gains.

The Japanese markets were closed for a public holiday.

• The Chinese markets, closely watched worldwide amid Beijing's trade spat with Washington, were higher on the day. The Shanghai composite recovered from earlier losses to finish around 0.43 percent higher at 2,527.01 while the Shenzhen composite rose 0.860 percent to close at about 1,295.72.

Reference: Reuters, CNBC

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