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Dave Lutz, head of ETFs at JonesTrading, has an overview of today’s markets.
- Janet Yellen will be speaking about the Fed’s recent meeting at 2:30 p.m. today. Global markets are mixed this morning. Oil is gaining as Hurricane Maria makes landfall in Puerto Rico
Morning, and Happy Fed day! We get the Announcement and Dots at 2pm, and the Yellen Presser at 2:30. Thoughts with those impacted by the quake in Mexico – looks terrible down there. We are seeing some haven action early, Gold, Treasuries, Yen and Swissie all bid. Retail starting on back foot with BBBY down 13%, while FDX numbers hit the stock for 1%. Pretty mixed markets in Europe, where the DAX is off small – the biggest losses in the food and beverage sector as Diageo gets hit while Fins under pressure as EU expands supervision of Banks and Insurers. Spain is getting hit for 70bp as Catalan ministers are arrested. FTSE adding small despite a rip higher in Sterling, as Strong retail sales boost the Discretionary stocks. In Asia, Nikkei up small despite Sony hit on multiple downgrades as Softbank jumped – Hang Seng and Shanghai up 30bp as Electric Carmakers ripped – KOSPI hit for 20bp and Aussie lost small
The US 10YY off small as stops send it below the 100d, while Fed Funds at 58% for December, up from the 30’s last week. DXY under pressure as Sterling leapt over $1.36 on retail sales before reversing – Euro busting upside $1.20, and Kiwi$ on 6week highs on election polls. The Renminbi weakened again, down 2% in 2 weeks. Ore lost 1%, bringing 4day losses to 10% and 2month lows – but other metals acting well led by Nickel up 2.5%. WTI adding 1.2% into Expiry as API showed a Lower build than expected and Cat-4 Maria makes landfall in Puerto Rico. Natty is consolidating the week’s gains still, but holding upside 200d. Softs are all enjoying the tailwinds of the falling Dollar.