Dave Lutz, head of ETFs at JonesTrading, has an overview of today’s markets.
- Safe haven investments are all slipping.
- Global markets are leaning red this morning.
- Oil is slipping ahead of Friday’s OPEC meeting.
Morning! Havens continue to unwind — Treasuries, Gold, Swissie all under pressure, while US Futures are mixed, with Nasdaq still seeing some slight pressure. It’s a sea of Green in Europe, with the DAX climbing 30bp in very heavy volume – Banks leading to upside on heavy M&A Chatter (Commerz, BNP, Unicredit) and Fed Normalization, while Utilities getting hit as Yields pop. London’s FTSE is trading basically flat though, as those Miners continue to see heavy selling. In Asia, Nikkei up 20bp with Insurers leading to upside – Hang Seng lost small – Taiwan up 50bp on GOOGL/HTC deal – Shanghai down 30bp – KOSPI off 25bp while their Nasdaq lost 1% as AAPL supplies got hit and Aussie hit for almost 1% to a 7month low as Utes and Miners saw selling
Global Sovs continue to see selling, with Germnay’s 10YY up 3bp, and US Treasuries seeing yields holding yesterday’s gains with that policy-sensitive 2YY near 2008 peaks as Fed Funds over 70% for December. The Dollar under pressure, but holding bulk of yesterday’s gains, hitting Gold for 1.5% — The Yen is weaker on a dovish BOJ, while ahead of Draghi’s Speech today the Euro is fighting to stay upside $US1.19. Sweden’s Krona higher as Riksbank “welcomes” Inflation, while that Aussie $ is getting hit for over 1% as Ore was smoked for 6% in Asia Trade — Dragging down other metals with Copper down 1%, Silver off 2% and Nickel hit for 4%. Oil off small as OPEC flies into Vienna for tomorrow’s pow-wow
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