- Thomson Reuters
Dave Lutz, head of ETFs at JonesTrading, has an overview of today’s markets.
- The US markets are rising after Wednesday’s slump.
- The rest of the world is trading in the red.
- Oil rising to new peaks.
“Morning! US Futures are up small following yesterday when the S&P snaps its longest wining streak to start a year since 1964. S&P and Nasdaq are gaining 10bp as Sovereign yields continue to trickle lower as the dust settles on the China headers yesterday. It’s pretty red overseas tho, as the DAX drops 20bp – Consumer names weaker as Pandora drops 15%, while Tech stocks continue their sharp retreat. In London, FTSE is up small as Sterling keeps dropping, but the Retailers are being pressured on Tesco and M&S. The Miners are acting well as China’s Premier was “upbeat” on the Economy, while Staples are enjoying a tailwind. Volumes decent, with Germany trading 20% over average, and London 70%. In Asia, Nikkei slides 20bp as Consumer stocks were hit for 1%+ – Hang Seng up 13 sessions in a row, gaining 15bp as a Fin rally offset losses in Tech – Shanghai up 10 in a row, tying the longest streak on record – KOSPI dropped 50bp as Samsung continued falling, while Aussie was off 50bp
“The US 10YY is down 2bp to 2.54% as China Refutes the Treasury Story yesterday, calling it “Fake News” – JGB’s recovered a bit, pressing their yields away from the BOJ’s 10bp “ceiling” – The $ up 4thday in 5 as Weaker German GDP outweighs Stronger EU Industrial Production, pressing Euro near $1.19, Sterling off for 4thday on continued Brexit angst – but that A$ acting well on the best retail salesin 4 years, while the Canadian dollar and Mexican peso continue sliding on NAFTA angst. Bitcoin hit for 10%+ as South Korea plans trading ban – Ore and Rebar lost small overnight in China, but Copper is trending 30bp higher, while Oil continues popping to new peaks, approaching $64 in the overnight.”