- Thomson Reuters
Dave Lutz, head of ETFs at JonesTrading, has an overview of today’s markets.
- US markets are slightly lower this morning. The Spanish IBEX jumped higher after Catalonia tensions eased. WTI crude oil is above $51.
Good Morning! US Futures are off small, with some weakness across broad sectors. Nasdaq basically unchanged, as Tech traders eye the MU offering. Globally, MSCI World Index is fresh record highs on th back of Asia strength, despite minor moves across Europe. The DAX is up small, with strength in Tech being offset by selling in the Fins. Spain’s IBEX rips 1.3% higher led by their banks as the Catalonia drama plays out. In London, the FTSE is unch, with a rally in Energy and Consumer offset by weakness in Miners and Banks. In Asia, Nikkei up 30bp, closing at 21Y highs as consumer and Healthcare outweighed the circus at Kobe Steel – Hang Seng gave back 40bp as China Property Stocks faded – Shanghai up small as PBOC squashes moves into next week’s congress – KOSPI another 1% gain as Tech rips higher, while Aussie up 60bp as Banks continue to rally
Ahead of Fed Minutes and 2 FOMC speakers, the US 10YY is drifting unchanged above the 200d. Eyes are on the PIIGS debt tho, where Spain yields are slightly wider to Bunds as Rajoy turns up the heat on the Separatists. The DXY continues to slide, adding to yesterday’s worst session in a month. Euro has had some nice bounces over $1.18 – while keep watching that $/Y nearing $112 as America buzzes the peninsula with a couple of B-1 Bombers. All Industrial metals are red, with no bounce in Ore as demand collapses into China Congress. Natty is jumping 1.5% from recent lows, while WTI is stretching it’s legs above $51 into API data tonight, 1day late due to Holiday