Dave Lutz, head of ETFs at JonesTrading, has an overview of today’s markets.
- It’s jobs day. Check out the numbers here.
- Earnings continue to come in strong, bolstering the US markets.
- The Indian rupee hits two-year highs.
- Natural gas and oil are getting hit.
Good Morning, and Happy Jobs Friday! Markets Quiet ahead of the print at 8:30(180k, 4.3% expected). US Futures are climbing small as Earnings continues to beat expectations, but that Russell remains mired under the 50d. Pretty green in Europe, with the DAX up 10bp – Royal Bank of Scotland has banks acting well, while Swiss Re has Insurers getting sold. The FTSE wrapping it’s best week in 2 months, adding 20bp this AM, as the Miners jump and Staples continue to see inflows. Volumes are darn light tho, with EuroStoxx volumes off 30%. Some profit-taking in Asia – Nikkei lost 40bp as the Yen gathered steam – Aussie lost 30bp as Commonwealth bank got hit — Shanghai off 40bp as “Trade War” headlines accelerate, while Hong Kong managed to close up small. Volumes terrible there as well, with the major exchanges showing 20-30% light turnover.
The US 10YY is climbing small, as the German Bunds see some light profit-taking. The Dollar remains under pressure again this AM – Euro Climbing as Germany Factory orders beat – Short-Cover of Aussie $s despite Reserve Bank slashing Economic forecasts and Retail Sales missing — Sterling rebounds from yesterday’s smack, and India’s Rupee hitting 2Y highs. Metals loving the action, with Ore 2% higher, dragging Silver and Copper north with it. Gold basically flat, really underperforming the falling Greenback. The Energy Complex all lower, with Natty off almost 2%, and WTI getting beaten back on every attempt to retake $US49
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