The markets are all up sharply.  News that Deutsche Bank (DB) may be near a settlement with the DOJ has sent its stock soaring 14%, and is leading financials and the markets higher. John Cryan, DB’s CEO, issued an internal letter to employees to assure them the bank was well capitalized and all the news was merely creating “unjustified concerns.”

Consumers, well some, were a bit happier this month, as the final reading of the consumer sentiment for the month of September came in at 89.8 – up from last month’s reading of 91.2. "Confidence edged upward in September due to gains among higher income households, while the Sentiment Index among households with incomes under $75,000 has remained at exactly the same level for the third consecutive month," Richard Curtin, the Surveys of Consumers chief economist, wrote in the report. 

Personal income increased 0.2% in August while personal spending was flat.  However, the important metric, real personal spending was down 0.1%.  This will definitely add some head scratching to the Fed’s rate decision.  Also on the economic front, the MNI Chicago Business Barometer increased to 54.2 in September, and is up from 47.8 in the prior year period. While production saw an increase from August’s read of 51.5 and was at the strongest since January, the employment component declined.  

In the oil patch, the results are mixed. WTI is up slightly trading around $48, about 8% higher on the week, while Brent is down about 1% to $49, but still up about 7% on the week. The OPEC news to cut production has lifted oil and seems to be heading back to $50. The Baker Hughes US Oil Rig count increased by 7 rigs to 425, but still down 189 from last year.

Have a great weekend. And for those celebrating the holiday, we wish you a Happy and Healthy New Year. "L'shanah tovah!"