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Dave Lutz, head of ETFs at JonesTrading, has an overview of today’s markets.
- Apple shares are leading tech stocks downward on weak iPhone 8 sales. The Spanish IBEX is slipping as tensions with Catalonia rise. Gold is rising.
Morning! Decent selling this 30year anniversary of Black Monday – with PBOC warnings of debt weighing in Asia, and globally Tech retreating, led by AAPL suppliers on reports of weak iPhone8 sales. Sea of red in Europe, where the DAX drops 60bp – IBEX off 80bp as Catalonia Spat escalates – weighing on EU banks, specifically Italian ones, pressing their market off 1.3%. Across the continent, Tech getting hit on SAP#s and AAPL – Consumer under pressure on Nestle and BMW, while Media names are watching Publicis whack. FTSE losses are only 30bp as Healthcare and Telecom hold near unch. In Asia. TOPIX up 30bp, but All eyes on Hong Kong off 2%+ and Hang Seng China Enterprises hit for 2.3% as Hibor leaps on PBOC governor’s comments on leverage. Shanghai off small, KOSPI lost 40bp and Aussie up 10bp as banks keep the streak alive (10)
The US10YY bounces off the 200d, but under pressure as peeps rush into Havens – Spanish debt widening out only slightly to Bunds, while the $ is getting whacked ahead of Yellen meeting with Trump today. Euro bid despite Catalonia, Sterling got hit on Weaker UK Retail Sales – while the Kiwi$ is getting smoked on center-left coalition chatter. Despite in-line GDP, Ore off 3% and rebar 2% as China’s Xi presses forward with environmental agenda – what weighs on Copper. Gold loves the haven move, but feels like it is underperforming the falling dollar as it gains only 40bp. WTI off 1% into Expiry today, while Natty hangs near unch into Inventories.