Dave Lutz, head of ETFs at JonesTrading, has an overview of today’s markets.
- US futures are rising higher.
- Spanish stocks are down after Catalonia’s independence vote.
- Oil is dropping after a Kurdish referendum.
Morning! Thoughts and Prayers with those in Vegas. Sheriff just announced 50+ died and over 200 wounded. US Futures are higher, with Spanish bonds, stocks and the euro all under pressure on the Catalonia Headers, but not real move towards Havens. The DAX is up 30bp despite a pullback in Fins as Airlines are jumping across Europe as Monarch Airlines goes Ch11. FTSE is the best performer right now, up 60bp with Miners acting great after much better Chinese manufacturing #s and PBOC cuts RRR and Builders loving Theresa May headers. Spanish Stocks are getting hit, with the IBEX down nearly 1.5% as the Banks get hit. Quiet overnight in Asia, with Holidays in China, Hong Kong, South Korea and India. Nikkei up small as Energy Stocks held back the rally – Taiwan added 80bp behind a Tech rally led by TSMC, while Aussie jumped nearly 1% behind a mining rally on upbeat Asian manufacturing data
US 10YY being rejected from 2.35% and 3month highs, and is now testing 200d support. Eyes are on German and Spanish 10-year government bond yields widening by 10bp, holding back the Euro. Feels like a strong dollar across the board, with Sterling retreating and Yen lower despite a Strong Tankan Survey. Gold hates the Dollar, and is struggling to hold the 100dma, while Industrial metals like Copper showing a early bid. Oil continues to slide from the Kurdish Referendum angst last week as OPEC output climbed 50k last month — WTI is seeing some stops going off as it breaks downside $US51 in early trade. Cold Weather in the northeast has Natty outperforming, but the warming trend towards the end of the week seems to be capping any attempts to rally.
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