Dave Lutz, head of ETFs at JonesTrading, has an overview of today’s markets.
- US markets are mixed while European markets are mostly green.
- South Korea’s Kospi snapped its longest losing streak in three years.
- Gold is up, off 1-month lows.
Morning, TGIF! Today is the End of Month and Q, and we have US Futures starting Mixed. Pretty much a sea of Green in Europe, with the STOXX holding 6week highs, but Spain under pressure into Sunday’s Catalonia Referendum. DAX is up 30bp, led by those Banks, while Autos are shrugging off VW headers. FTSE is jumping 70bp as those Miners jump, and Consumer stocks are seeing a nice rally, but the Builders are under pressure on Carillion. Pretty quiet overnight in Asia – Nikkei lost small – Hang Seng up 50bp and Shanghai up 30bp into “Golden Week” – KOSPI up 90bp, ending it’s longest losing streak in 3years (7 sessions), and Aussie up 20bp despite weakness in Banks and Insurers
US10YY holding 2.3% overnight, with traders eyeballing that nasty 200d reject yesterday. The DXY is weaker, trying to hold the 93 level, as the Euro gets upside $US1.18 as Inflation data propels the common currency. Renminbi 6week lows as China has weakened 5 days in a row, while that Sterling is Weaker on soft UK data. Ore lost 1.3% overnight, weighing on Industrial metals, with Copper off 50bp while Gold rebounds from 1M lows. Energy complex is pretty quiet after yesterday’s weakness, with Brent holding $US57 and Gasoline seeing a bid into Expiry
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