Japan’s Nikkei completely routed, as the Japanese yen approaches 15-year highs vs. the dollar. Japanese exporters were hit particularly bad. China, however, held its ground despite an underwhelming first day of Hong Kong trading for mega-IPO Agricultural Bank of China.
Shanghai: +0.3% (CSI 300)
Agricultural Bank debut in Hong Kong: +2.19% (1288 HK)
Tokyo: -2.9% (Nikkei 225)
Asia: -0.6% (MSCI Asia Apex 50)
Hong Kong: -0.04% (Hang Seng)
Europe is moderately higher. BP shares popped after the company announced it had, at least temporarily, completely stopped the flow of oil from the Gulf. The euro is killing it, now well over $1.29 but here’s why it might be time to short it again.
The Euro: $1.294 (+0.04%)
BP in London: +3.3% (BP LN)
London: +0.5% (FTSE 100)
Frankfurt: +0.4% (DAX)
Paris: +0.4% (CAC 40)
Commodities are quiet today, and the Baltic Dry Index death plunge has eased. This comes despite the fact that China has just cut a key subsidy from its all-important steel industry.
Gold: +0.02% ($1,209)
Oil: +0.09% (Light Sweet Crude $76.16)
Dollar Index: -0.02% (DXY 82.4)
Baltic Dry Index: -0.5% (BDI 1,700)
Unfortunately, U.S. futures are currently in the red despite yesterday’s late-day surge.
UPDATE 6:54 AM: U.S. futures are now slightly in the green. Today look out for the consumer price index (CPI) released at 8:30 AM ET, and consumer sentiment at 9:55.
BIG EARNINGS DAY TODAY: General Electric (GE), Citi (C), and Bank of America (BAC)
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