Dave Lutz, head of ETFs at JonesTrading, has an overview of today’s markets.
- Global markets are mixed on Monday.
- WTI oil is off from its recent highs.
Morning! US Futures are mixed, with the Spoos and Russell off small, while Nasdaq Outperforming as M&A Heats up in Semis (MRVL for CAVM). Decent rally from lows going on overseas, as the DAX has busted green, with a sharp rebound is happening in the Banks. DB and Commerz are up 2% from intraday lows. Carmakers are revving up, with VW up nearly 4%. Utes are the finally leg in the rally today, as German Political angst sparks thots of easing environmental regulations. Healthcare acting well behind Roche’s 4% pop on trial headers. FTSE is lagging a bit, as the Miners see profit-taking, but Volumes in London are off 30%+ to trend. In Asia, Sellers returned to Japan where the Nikkei lost 60bp – Hang Seng gained 20bp and Shanghai up 20bp, while Shenzhen up 1%, shrugging off China Financial Regulation headlines – KOSPI down 20bp, but KOSDAQ up 1.2%, while Aussie lost small as Miners were under pressure
The US 10YY is up small, after bouncing from 2.32%/200d in the overnight. Bund yields are acting like they are putting in a weekly double-bottom, popping from last week’s 35bp lows. The DXY has a slight bid, despite a decent rally from 2month lows in the Euro, which is trying to shrug off the collapse of German Coalition Talks. Ahead of UK budget on Weds, sterling showing life against $ and Euro, while that $/Y cross held multiple downside tests of 112. Ore was up 1.6% to September highs, but all other metals are red, paced by a 1%+ drop in Silver and Platinum. WTI is seeing slight profit-taking from last week’s surge as the weekend headlines from Middle East were quiet. Natty seeing some decent pressure, dropping nearly 2% early.
Get the latest Oil WTI price here.