Dave Lutz, head of ETFs at JonesTrading, has an overview of today’s markets.
- Safe haven investments are rising as traders await North Korea’s celebration of “Founding Day.”
- Most of the world is red.
- The dollar is at a 33-month low.
Good Morning! Irma a Cat-4 and aiming right at Blue Heaven. Best of luck to those in the path of this beast, the storm surge across Florida could be devastating. Markets starting on the back foot this AM, with Havens en vogue as we await North Korea’s “founding day” antics. Nasdaq and SPX are off 40bp in what looks like relatively broad based selling early across Tech, Retail and Fins. DAX is holding barely green as Autos hold their week’s gains — but London is getting hit for 40bp as those Miners get hit. Volumes strong, with Frankfurt trading 20% above trends. Mixed bag in Asia, Nikkei lost 60bp as Yen hits 10month highs – Hang Seng up 50bp as Real Estate jumped – China unchanged – KOSPI down small, and Aussie down 30bp as Banks weighed
The Dollar is on fresh 33month lows while Treasuries rest near 2% as Fed Funds down to a 22% chance of a December Hike. The Euro remains upside $US1.2 and Bunds remain near yesterday’s highs (low yield) as ECB talked about scaling back bond purchases. The Yen is jumping on risk-aversion despite GDP revised lower — The Peso initially hit on the 8.2 quake but has recovered, while that Aussie$ hits 2Y highs. Pullback in Industrial Metals, Ore lost 2%, which brings losses to 8% for the week, and Copper is getting hit for nearly 2% early. Gold and Silver remain very well bid on haven status and plunging Greenback. The Energy Complex is off small as investors jostle headlines of Hurricanes and Saudi Export cuts.
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