Dave Lutz, head of ETFs at JonesTrading, has an overview of today’s markets.
- US stocks are trading higher on Monday.
- The VIX is higher after an explosion was reported in New York City.
- Bitcoin leaps as futures started trading got underway on Sunday.
Morning, and Happy Central Bank Week! US Futures are tracking slightly higher, as Tech is outperforming again. Hedging early, as VIX is up 2.4%, trying to get back near 10. Mostly a sea of red in Europe despite Fins having a nice overnight. The DAX is off small as Tech and Telecom lagging, while Retailers not popping despite the rebound in Steinhoff. 4″ of snow in London has trading volumes light today, but the FTSE is jumping 50bp as Banks and Miners rally 1% . Thanks to a Nice afternoon rally in Asia, Nikkei hit a 26year high and the TOPIX was up 50bp behind the Banks – Hang Seng jumped 1.2% as Tencent and HSBC leap 3% – Shanghai up 1% as PBoC injected $US3B into Money Markets – KOSPI added 30bp, while Aussie up small as Miners rallied on Chinese Trade data
Bund Yields are diving towards 28bp, taking out last week’s lows, but the US 10YY is off small. That “Policy Sensitive” 2YY is just off decade highs tho into the Central Bank Headers (Fed Weds, BoE, ECB, SNB, Mexico, Colombia, Chile, Indonesia, Ukraine and Turkey on Thursday – Russia on Friday. The DXY is below Friday’s lows despite Sterling sliding a bit, as Euro rebounds towards $US1.18 early. Norway’s krone the big mover, getting hit after Inflation came in weak, while the Kiwi$ loves the new Central Bank Candidate. The weaker greenback has Gold regaining $US1250, while all the talking heads are yammering about Bitcoin leaping 26% initially as CBOE starts futures trading. Ore lost small overnight in China, but Copper is slightly green, and WTI is giving back some of Friday’s1% gain
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