Dave Lutz, head of ETFs at JonesTrading, has an overview of today’s markets.
- Stocks continue their 2018 trend of gains.
- Asian markets were trading in the green.
- Oil is retreating from its three-year highs.
- Cryptocurrencies are falling fast.
Morning! The “Melt Up” continues, with US Futures in the green, with Industrials adding 80bp early, followed by Nasdaq at 50bp as we await Citigroup numbers. Decent rallies overseas as well, where the DAX is adding 80bp with Tech leading to upside in Germany, followed by a 1.6% pop in Consumer stocks. Stockholm only major in the red on the continent as Ericsson gets hit. FTSE is lower as Carillion-exposed companies see some selling, while BP Getting hit on Deepwater Writedown headers. Strong Overnight in Asia – Nikkei up 1% as Yen weakened – Hang Seng leapt 1.8%, closing at a record as Tencent jumped 3% and Chinese Banks loved the ICBC Numbers – Shanghai up 70bp – KOSPI added 75bp, while Aussie lost 50bp as Miners fell under pressure
The US 10YY is under pressure as Treasuries catch a bid as Bunds retreat from 60bp – JGB Yields at YTD highs as attention starts turning to the BOJ next week. The DXY is off small, just above 3Y lows despite the Euro taking breather from 2% YTD jump as German Coalition remains elusive, and Sterling getting hit away from $US1.38 on lower core inflation. Cryptos are getting smoked for 12%+ this AM, with Gold catching a bid. Ore was off 1.4% in China, and we have most Industrial metals lower – Copper is off 90bp, followed by Platinum and Zinc weaker. Oil retreating from 3Y highs, with WTI off 50bp early, while Natty Gas gets hit for nearly 4% this morning.
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