Dave Lutz, head of ETFs at JonesTrading, has an overview of markets this Friday.
Dave Lutz, head of ETFs at JonesTrading, has an overview of today's markets.
Morning, and good luck this Friday the 13th! US Futures are up slightly as all eyes are on US CPI and Retail Sales at 8:30, as well as Banks (earnings from BAC/WFC) and Semis (MU breaking deal, trading lower again) in focus. Mixed bag in Europe, with the DAX trying to get legs thru 13,000 with Healthcare jumping behind Bayer and EU fins shrugging off early weakness. FTSE Lower despite Miners and Steelmakers having a good session in London on Chinese Trade data. Volumes look low tho, with most exchanges trading 20% below averages. In Asia, Nikkei up 50bp as Fast Retailing leapt 6% on Overseas Sales - Shanghai up 13bp and Hang Seng up small as trading remains tepid into the Congress next week - KOSPI off 10bp as Sammy hit for 1.5% as record profits was a “Sell the News” with the CEO stepping down - Aussie up 30bp and the Kiwis hit new highs for the 9th straight session
The DXY is in the red but holding upside 93 and the US 10YY continues to stay upside 200d ahead of Key Inflation data for Sept - Sterling is rebounding near 2week highs as Hard Brexit Angst recedes slightly and that Euro is sliding off, continuing yesterday’s weakness. Commodity currencies like that Aussie $ are popping, as Ore was up 3% and Rebar 4% on strong Chinese import data – squeezing Nickel for another 2.5% and keeping that red metal in the green. Gold is seeing some softness as gravity kicks in near $1300. Oil complex is squeezing again, with WTI seeing stops as it eclipses the week’s highs, adding 2% ahead of the 12:45 Iran Speech from President Trump – dragging Gasoline and Natty along for the ride.