Dave Lutz, head of ETFs at JonesTrading, has an overview of today’s markets.
- US markets are green this morning, but Italy and Spain are slipping ahead of a speech from Catalonia’s leader.
- Gold is rising amid geopolitical tensions.
- West Texas Intermediate oil is popping after Saudi Arabi cuts its exports.
Good Morning, US Futures are higher, with Nasdaq up 20bp as NVDA pops 1.6% on headers. Very Muted trading in Europe, with Italy and Spain off 60bp as we await a speech from the Catalonia leader at 12pmET. The DAX is basically unch, as Luxury acting is well on LVMH, but Autos leading to downside as Euro pops. FTSE is climbing 20bp on strong Economic data, led by a pop in Staples and Fins. Volumes are pacing average in the core, while things look heavy in Italy and Spain. In Asia, Nikkei up 65bp as polls show Abe strengthening – Shanghai added 25bp as PBOC mitigates gains – Hang Seng up another 60bp as Tech rallied – Korea up 1.6% as Sammy jumps over 3% – Aussie off small as Miners weighed
The US 10YY is unch, hanging near the 2.35% level as Bund Yields hit 2week lows. The DXY is testing yesterday’s lows despite Fed Funds parked at 87% for December as angst builds around Tax reform. Sterling is higher on better Industrial Data, but rejected from $US1.32 – Lira is rebounding small – Peso 4month lows ahead of NAFTA talks tomorrow. Ore was hit for another 3.3% to near 4month lows, but Copper continues to add to last week’s gains. Gold is up 70bp as headers abound on North Korea and Catalonia. WTI up 1.3% and approaching $US50 as Saudi cuts exports again and OPEC calls for Shale cooperation.
Get the latest Oil WTI price here.