Dave Lutz, head of ETFs at JonesTrading, has an overview of today’s markets.
- Mitch McConnell pulled the GOP’s Senate healthcare bill, saying a vote to repeal without replacing is next.
- The US dollar is at 10-month lows after the bill was pulled.
- Traders are focused on earnings season: Netflix jumped nearly 11% after crushing earnings after Monday’s closing bell.
- European markets are mostly red.
Morning! Different format this AM as I am running out —
All focus on the GOP pulling the healthcare bill, hitting the dollar to 10month lows as Yen and Euro are jumping ahead of ECB and BOJ announcements this week, and Aussie $ hitting 2Y highs as RBA Minutes were more hawkish than anticipated. Only Sterling weaker on weaker inflation
US Futures don’t care, realising uncertainty in DC may keep the Fed hawks sidelined as it turns it’s focus to earnings. NFLX up nearly 11%, but weaker Semis on a Barclay’s AMD downgrade has Nasdaq Futures basically unchanged
Sea of red across Europe. DAX down almost 1% as a Weaker ZEW and ripping Euro weigh on exporters. In Sweden, Ericsson getting smoked for 10% on headers — while in London the Miners under pressure, led by a 2% drop in Rio as they scale back export guidance for Ore
Aside from Aussie, which was hit for 1% as the Aussie$ rip weighed on Banks – TOPIX lost 30bp – Hang Seng off Small – Shanghai up 30bp, and that Chi-Next climbed 50bp bp back from yesterday’s 5% hit
Ore leapt almost 5% in China to April Highs, but Miners focused on Rio — while the Oil complex is gaining small. Natty continues to climb as a heat-wave starts gripping the USA
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