The Mexican peso rallies, oil declines, Deutsche Bank (DE: DBKGn) shares tumble and global stocks are mixed. Here are four things to know in the market on Monday, October 10.
1. The Mexican Peso Rallies 2%
The Mexican peso rallied 2% on Monday following the presidential debate, as market players continue to price in on a Clinton victory in November.
Due to Mexico’s close trade ties with the U.S., the peso is seen as a gauge of presidential election sentiment.
The currency reached a one-month high of 18.909 before settling at 18.938 during morning trade.
2. Oil Prices Fall Ahead of the World Energy Conference
Oil prices fell from a four-month high on Monday, as investors await comments from oil producers at the World Energy Conference this week.
Futures fell more than 1% after Russia’s energy minister expressed doubt that producers would come to an agreement on cutting production at a meeting in Turkey this week. Reports that Iran and Iraq will not be attending the conference further weighed on oil prices.
U.S. crude was down 31 cents to $49.50 a barrel, while Brent crude lost 23 cents to trade at $51.70 a barrel.
3. Shares of Deutsche Bank Tumble
Shares of Deutsche Bank fell nearly 4% after news that John Cryan, CEO, failed to come to an agreement with the U.S. Department of Justice over the bank’s management of mortgage-backed securities.
Sources close to the matter state the negotiations are ongoing.
Deutsche Bank’s stock is down almost 50% this year.
4. Global Stocks Mixed
Stocks in the U.K. and Europe wavered between gains and losses mid-morning. Investors remain concerned about the British pound’s decline, which is near a 30-year low, and Deutsche Bank.
In Asia, shares were mixed at closing, as investors remained focused on the oil market. The markets in Taiwan, Hong Kong and Japan were closed for public holidays.
In the U.S., stock futures indicated a higher opening. Trading volumes are expected to be thin, with most federal institutions and banks closed for the Columbus Day holiday.
