Dave Lutz, head of ETFs at JonesTrading, has an overview of today’s markets.
- US markets are slightly lower this morning.
- The Senate’s version of the tax bill is set to be released on Thursday.
Good Morning! US Futures under some slight pressure, with eyes on the Russells underperforming again. It’s a wide sea of profit-taking across Europe, despite the Banks acting well behind Commerzbank #s, but Italian banks surging on ECB signalling a compromise on rules regarding bad Loans. The DAX is off 80bp, with Industrials faltering in Germany as Siemens gets hit — While retail names are watching Burberry getting smoked. In London, the FTSE is down 30bp, buffeted by the falling Pound, but those Miners under pressure as Base metals falter. Volumes are heavy, with the DAX trading almost 2x normal. Nasty day in Tokyo, where the TOPIX kisses 1991 high and reverses a 2% gain to close red – Hang Seng up 80bp – Shanghai climbed 30bp – KOSPI finishes slightly lower and Taiwan got hit for 70bp as Big Tech stressed about Trump-Xi cooperation announcements between companies – Aussie up 50bp as China inflation signalled strong demand, rallying Banks and Miners
The US 10YY holds upside the 200d early, as we are Waiting for Senate Version of Tax Bill later today. The DXY is getting hit, as Euro leaps back over $US1.16 as Growth forecasts from the ECB were hiked. Sterling getting hit thru $US1.31 on Brexit negotiation angst, while the Kiwi$ surging as RBNZ chattered hawkishly. Ore off 1.2% overnight, while Nickel is getting hit for 3%. Gold only a slight bid despite the drop in the Dollar. Energy complex remains bid, with WTI following Gasoline higher.
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