Dave Lutz, head of ETFs at JonesTrading, has an overview of markets this Thursday:
- Banks will release the results of stress tests after the close today.
- Tech shares have not bucked their downward trend just yet.
- The MSCI inclusion is giving a bump to the Chinese stocks.
- Gold, silver and copper, are either up or flat, while other commodities are struggling.
Morning! US futures starting under some pressure, with retail continuing to weaken, while a rip higher in ORCL is not enough to get Nazzy futures bid. Banks are starting slightly green as investors await Stress Test Headlines after the close. Sea of Red across the Atlantic, as Energy shares weigh across Europe, while Fins are falling under pressure in tandem. Tech shares are the main group struggling to stay green. DAX is off 10bp as Consumer Discretionary shares stage a rally. FTSE getting hit for 60bp as commodities weigh on Energy shares and the Miners. In Asia, Aussie rebounded 70bp after this week’s whack – Hang Seng and TOPIX basically flat — Eyes on Takata nearing bankruptcy – China’s CSI300 up small to 18month highs as MSCI flows persist, while Shanghai fell under pressure in the last hour as Fins got hit – KOSPI up 50bp as Sammy jumped, while Tech-Heavy Taiex hit 27year highs
The US 10YY is off 2bp as Germany’s 10Y Bunds near 25bp. The DXY is under some pressure, despite Euro being lower and Yen higher on Energy angst – Kiwi$ one of the best performers as they stood pat on rates, while the Norwegian krone is acting well as Norges gets hawkish. Ore off 2% in China, but Copper is flat, while Haven flows get Gold rebounding from 1month lows and Silver up 1%. Slight bounce in Oil, with Brent trying to regain $US45, while Cocoa, coffee and sugar are trying to hold multi-month lows. Wheat getting worked for 1% early.
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