Dave Lutz, head of ETFs at JonesTrading, has an overview of today’s markets.
- Global markets are mostly red.
- The US 10-year is edging higher towards 2.20%.
- Bitcoin is plummeting, down 20% since Friday.
Morning! US Futures are under slight pressure, as data from China weighs on Sentiment. European markets are taking a breather, with the DAX off 30bp – Financials are leading to downside, while Energy names are popping higher. Luxury Retailers are under pressure on Hermes. The FTSE is climbing small despite Miners whacked on weak Chinese data, while Retailers are acting good on NEXT #s. Volumes decent, with DAX 26% heavy and London 75% heavier than 20d averages. Weak overnight in Asia, Nikkei lost 30bp and “Mothers” 1.5% as North Korea threatened to Nuke them – Shanghai and Hang Seng lost 40bp despite a sharp pop in Chinese property stocks – KOSPI jumped 75bp as Tech names rebounded, while Aussie was off small as Miners weakness offset a Fin rally.
US 10YY is higher, drifting right under 2.2% as Fed Funds for December climb to 39%. The DXY is weaker into US CPI. Sterling is trading under $US1.32 into the BoE decision this morning – PBOC weakened the Renminbi again overnight – A$ stronger on Employment data – Swissie lower on SNB decision, and Bitcoin hit again, now off 20% since Friday Morning. Chinese retail sales, industrial production and fixed-asset investment all weaker than expected, weighing on Industrial Metals. Ore was hit for 4.5% overnight, and Rebar 2% – so Copper is 1.3% lower, while Gold trying to hold 2week lows. WTI adding to 5week highs, climbing 70bp early
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