Dave Lutz, head of ETFs at JonesTrading, has an overview of today’s markets.
- Safe haven investments are falling, despite escalating North Korea tensions.
- Apple is rising ahead of its September 12 event, where it’s expected to announce the new iPhone.
- China’s yuan hit a 14-month high.
- Oil is still falling, despite big draws and Hurricane Harvey in the gulf.
Good Morning! Havens continue to retreat despite North Korea renewing threats against Guam overnight — Gold, Treasuries, Yen all lower in early trade. Us Futures are climbing, with Tech continuing to add to yesterday’s gains as AAPL continues to churn higher. It is a sea of Green in Europe, as the DAX up 50bp, retaking the 200d and 12,000. Banks and Insurers leading to upside to upside in Europe, while the Miners and Consumer names are propelling the FTSE 50bp higher. Volumes pacing relatively light, with Germany 40% below 20day trends. It was a Strong overnight in Asia — Nikkei up 75bp as the Yen dropped – Hang Seng jumped 1.2% as Tencent climbed over 2% – KOSPI added 20bp – Aussie up small as Telstra got whacked – Nifty added 1%, while Shanghai was off small as investors awaited Big Bank Numbers
DXY continues to rebound from 2 1/2year lows into the ADP number in a hour, and Fed Funds for a hike by December at 34%, up from 29% yesterday, but down from 40% Monday. The Euro is Southside $US1.20 despite better confidence numbers – A$ rally on better building approvals, while China’s yuan hits a 14-month high. Ore was up small overnight, but we are finally seeing profit-taking in Copper — while Gold continues to drift back towards $US1300. WTI continues to get hit despite API showing a much bigger draw — while Gasoline is jumping another 5.5% as Port Arthur Refineries shut down as the remnants of Harvey drift into Louisiana.
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