Dave Lutz, head of ETFs at JonesTrading, has an overview of today’s markets.
- The US markets had a rough day Thursday and are looking at a flat open on Friday.
- Safe haven investments are rising.
- Most of the world’s markets are red this morning.
Morning! S&P adding to its 2nd worst session in 2017, dropping small into Options Expiry today. Havens are on the move — Swissie, Yen, Gold and Bunds are all bid early. A big sea of red in Europe, with the DAX off 50bp, and Madrid off 1%. Travel stocks are the worst performers on all major European Exchanges, paced by a 2% drop in IAG, but all rallying from opening lows. US Airlines were hit for 4.5% yesterday. London down 1% as Pound rallies — every sector on FTSE looks red, paced by a 1.5% drop in Healthcare. Volumes are decent, pacing just ahead of their average turnover. In Asia, TOPIX off 1% as the Yen rallied – Hang Seng lost 1.1% led by a 3.5% hit in Lenovo – Shanghai up small — KOSPI shrugs off Tillerson comments, closing off small — and Aussie down 60bp amid a wave of earnings.
German Yields down 2bp and thru week’s lows, but starting to see some profit-taking as more Americans man their terminals. US 10YY is barely positive, holding just above yesterday’s 2.18% low. Dollar is under pressure again, with the Euro bouncing from 3week lows and Sterling nearing $US1.29. Eyes are on the $/Y, with a test of 109 and last week’s low test upcoming. Metals continue their upward trajectory – Ore rallies 2%, capping a 5% advance this week despite headers that China home price growth slows. Zinc, Lead and Platinum all up 1%+ this AM, while Copper is barely bid — but Gold adds another 70bp. WTI barely holding the gains from late yesterday, while Natty is off almost 1%.
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