U.S. equities snapped back from lows
U.S. equities snapped back from lows in the wake of the mixed payrolls report, which on net provided some relief on the Fed front, though Cleveland Fed hawk Mester said it was a solid report and she feels the U.S. remains near full employment, while all meetings including November are on the table. This followed in the wake of fresh volatility in the UK after the pound's "flash crash" caught the markets flat footed overnight. Of course, the ongoing devaluation of the pound has sent the UK FTSE 100 over 1% higher even as the rest of the markets in Europe were beggared marginally in the red and Asia was mostly lower. From negative pre-data levels, the Dow rebounded to 3-points firmer, S&P is off 2-points and NASDAQ is 1-point lower ahead of the opening bell. After cracking pre-Brexit lows of $1,251 yesterday, gold rebounded to $1,259 thanks to GBP volatility, while the yen firmed back into the mid-103.50s. Up next is more hawkish Fedspeak from Fischer, Mester and George, while wholesale trade and consumer credit round out the week later.