Dave Lutz, head of ETFs at JonesTrading, has an overview of today’s markets.
- Global markets are mostly red.
- Janet Yellen will speak at the National Association for Business Economics conference.
- Brent oil is falling off two-year highs.
Good Morning! US Futures are mixed, as Nasdaq finally catches a bid as the Cloud names jump on RHT numbers — Globally, we are seeing the Haven bid unwinding slightly, with Gold, Swissie, Yen and Govvie Yields all lower. Pretty quiet action in Europe, with DAX up small in decent volume – Tech lagging again in Europe, while Consumer acting well behind Nestle headers and Energy shares love the Kurdish Referendum. Spain’s market remains underperforming as Catalonia angst remains, while Sterling’s strength has FTSE continuing to drift under the 200d. Tech lagged again in Asia – Nikkei loses 30bp as Sony and Nintendo lost 2%+ – Shanghai and Hang Seng gained small despite Tencent hit for 4% before recovering – Taiwan hit for 75bp as TSMC and FoxConn get hit – KOSPI lost 20bp but KOSDAQ closes green despite Samsung’s 3.5% loss, and Aussie down 20bp as Banks fall
Fed Funds at 77% for December ahead of Yellen NABE Keynote at Noon, and the US 10YY seems trapped between 50 and 100dmas. DXY continues to rally, with the Euro breaking downside $US1.18 and the $/Y recovering from yesterday’s North Korea headers. Ore drops another 80bp, but Copper is moving nearly 1% higher, while the $ has Gold retreating back towards $US1300. Brent retreating 60bp from 2Y highs slightly as Kurdistan tension dissipates, while Natty gas pops nearly 1% into Expiry tomorrow. Softs are starting today mixed.
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