Dave Lutz, head of ETFs at JonesTrading, has an overview of today’s markets.
- US stocks are rising on Thursday after several days of declines.
- European and Asian markets also gain.
Good Morning! US Futures are in Rally mode as Commodity prices stabilizing, but Spoos are coming in off overnight highs. S&P marked up 30bp, but CSCO’s 6% pop has QQQs up nearly 50bp. All Green over the Atlantic, where Europe is rebounding from it’s worst slide in 2017. DAX up 50bp, with Energy stocks on the front foot, but the commod just dipped Red – Construction stocks acting well on Bouygues, while Banks are rebounding from recent weakness — save Italy, where they r weaker as Carige’s capital increase falls apart. FTSE is lagging, trading unchanged as Miners just lost their bid, and Virgin Money is getting punished — offsetting gains from Royal Mail Jumping. Asia rallies behind Tech and Telecom – Nikkei finally rebounding, snapping 6 red days in a row to gain 1.5% as investors cheered a “Mario Movie” – Hang Seng up 60bp as Tencent rebounded 2%+ – Shanghai off small, as was Taiwan – KOSPI up 70bp, but that KOSDAQ surges forward again, adding 1.6% and bringing 5day gains to 11.3%, and Aussie up small as Banks rebound
Some decent selling in Treasuries and the US2YY hits 9Y highs into a speech by Brainard later. Tax in Focus as House votes today on Passage, but headaches loom in the Senate. Overseas, Eyes on a rally in French Debt, buoyed by optimism on Macron reforms. The DXY is pecking at $US94, as the Euro is back downside $US1.18 as inflation posts weaker – Sterling shrugging off weaker Retail Sales to trade up small, while that $/Y upside 113 – Commodity-sensitive currencies seeing a uninspiring bounce from the week’s slide. Ore rallies nearly 3% as PBOC injects the most cash since January, but a uninspiring bid in Copper early. The Oil complex is trading off small, while Natty is showing a small bit into Inventories later today.
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