Benzinga | Sep 16, 2013 10:12AM ET
President Obama’s top choice to replace the current Federal Reserve Chairman Ben Bernanke has dropped out of the race. Lawrence Summers withdrew on Sunday after weeks of criticism for being too close to Wall Street and a reputation for being abrasive.
The news put Fed Vice Chairman Janet Yellen at the top of the list for a replacement, someone most are expecting to be more cautious about tapering the Fed’s stimulus program. US Treasuries jumped at the news, the 10 year Treasury yield fell to 2.08 percent, the lowest it has been since September 3.
Top News
In other news around the markets:
Asian Markets
Asian markets were mostly higher on Monday, the South Korean KOSPI was up 0.96 percent, the Hang Seng index was up 1.47 percent and New Zealand’s NZ50 was up 0.92 percent. The NIKKEI was up 0.12 percent and the Shanghai composite lost 0.22 percent.
European Markets
European markets were up across the board on Monday. The UK’s FTSE was up 0.90 percent and the STOXX 600 was up 0.81 percent. The German DAX gained 1.21 percent and the Spanish IBEX was up 1.06 percent.
Commodities
With easing tension in Syria, crude futures fell on Monday. Brent futures for November delivery were down 0.33 percent and WTI futures for October delivery were down 0.28 percent. Gold and silver were up 0.83 percent and 0.81 percent respectively and copper was up 0.58 percent.
Currencies
The dollar lost 0.43 percent against the pound and the euro after reports that Lawrence Summers withdrew from the race to lead the Fed. The yen gained 0.53 percent against the dollar and rupee was up 1.24 percent against the greenback.
No Notable Earnings Reported on Friday
Pre-Market Movers
Stocks moving in the pre-market included:
Earnings
Economics
Economic releases expected on Monday include US industrial production, Eurozone CPI, Italian trade balance, and Norwegian trade balance. Also notable will be a speech by ECB President Mario Draghi.
By Laura Brodbeck
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