Japan broke its 5-day losing streak to lead Asian markets higher today, while Shanghai took a relative breather. Yesterday’s strong earnings from Microsoft (MSFT) and Caterpillar (CAT) lifted hopes particularly for Asian tech and industrial stocks. Australian export prices surged by the most ever on record thanks to robust gains for commodities.
Tokyo: +2.3% (Nikkei 225, 2:29)
Australia: +1.9% (ASX 200, 2:36)
Shanghai: +0.4% (CSI 300, 3:01)
Asia: +1.4% (MSCI Asia Apex 50, 4:18)
Hong Kong: +1.1% (Hang Seng, 4:01)
Europe is rising moderately across the board. We’re awaiting the results of bank stress tests today, for after European markets close at 12:00 PM ET. Spanish 10-year yields are lower, and now far lower than they were in mid-June. Makes you wonder if a positive stress outcome is already priced-in and expected. Still, Greek yields are still pretty ugly.
Frankfurt: +0.45% (DAX, 4:07)
Paris: +0.6% (CAC 40, 4:07)
London: +0.16% (FTSE 100, 4:06)
The Euro: $1.294 (+0.34%, 4.18)
Spain 10-Year Yield: 4.39% (Down from 4.7% in mid-June)
Greece 10-Year Yield 10.39% (Vs. 9.5% in mid-Jue)
Gold and oil are holding their own, while the Baltic Dry Index has notched yet another gain.
Gold: +0.3% ($1,192, 4:00)
Oil: +0.0% (Brent Crude $77.82, 4:00)
Baltic Dry Index: +1.12% (BDI 1,801, 22 July)
Dollar Index: -0.31% (DXY 82.38, 4:14)
U.S.futures are pushing for a positive open today. Today watch for McDonalds (MCD), Verizon (VZ), and Schlumberger (SLB) earnings.