Dave Lutz, head of ETFs at JonesTrading, has an overview of today’s markets.
- Cyber Monday is expected to be the largest online shopping day in US history.
- Bitcoin rocketed closer to $US10,000 a coin over the weekend.
- Gold is inching higher.
Morning, and Welcome to “Cyber Monday” – forecast to be the largest online shopping day in U.S. history, with sales guesstimated at $US6.6B. US Futures are eyeing tentatively, Nasdaq up 10bp with AMZN nearing $US1200. One mixed bag over in Europe, where the DAX is up 10bp in exceptionally light volume. Fins and Tech seeing some selling early, and Automakers continue to see profit-taking. The FTSE is up 30bp tho, as Healthcare and Telcom outperform, but those Miners are lagging. Volumes pacing 25-35% light on the major exchanges. In Asia, TOPIX off small as Nintendo jumps 3.5% on strong Holiday Switch sales – Hang Seng 60bp weaker, Shanghai down 1% and Shenzhen 1.6% – KOSPI lost 1.5% as Sammy hit for 4.5% on MS Downgrades – Aussie up 10bp , and Jakarta off small despite the Bali Volcano Eruption
The US 10YY is drifting sideways, as Treasury Traders eyeball both Powell and Yellen on the Hill this week. Germany’s 10YY remains just off last week’s lows as we await more headlines about the German Coalition. China 10YY right at 4%, a big line-in-the-sand there. DXY weaker as Euro seeing bids over $US1.19, 2month+ highs, while Sterling is up small. South Africa’s Rand is recovering from the Moody’s downgrade Friday. Ore off 1.7%, retreating from 2M+ highs, and we are seeing weakness across industrial metals, with Nickel off 3%, Copper and Zinc 1%+. Gold up 50bp, but off the sliding dollar and weekend ripsaw of Bitcoin. Oil off small into OPEC this week, while Natty regaining 3% of last week’s 9% whack.
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