Getty31st October 1929: In a London club run by St Phalle Ltd, members watch fluctuations in the New York stock market during the Wall Street crash as changes are chalked up by telephone operators in direct contact with New York.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.
Here’s Lutz:
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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