REUTERS/Bobby Yip
Traders at the Chinese Gold and Silver Exchange Society demonstrate manual deals settling used before computerization as part of celebrations at the beginning of their first trading day after the Chinese Lunar New Year holidays, in Hong Kong February 14, 2013.
Dave Lutz, head of ETFs at JonesTrading, has an overview of today's markets.
- There are 130 S&P 500 companies reporting earnings this week.
- The Spanish IBEX is moving higher as Catalonia tensions ease.
- Brent crude oil is trading near $60.
Here's Lutz:
Morning! US Futures are starting under some pressure, with Russell down 30bp as we have a week full of Catalysts ahead of us (130 S&P earnings, Muller on Russia, Trump on Fed, FOMC, BoE, BOJ Decisions, and the Jobs Report) - It was Daylight Savings "Fall Back" in Europe over the weekend, EU closes 12:30et this week for Equities. Apple Suppliers are leading to upside in Europe and Asia, and Catalonia Angst is receding, with IBEX up 1.4%. DAX is up 11bp, but feels like every sector is in the red, while FTSE is off 20bp as Sterling jumps - HSBC couldn't save the Fins in London, but the Miners rally green behind GLEN #s. In Asia, Nikkei unch - Hang Seng down 30bp - Shanghai lost 70bp, while Smallcaps on ChiNext lost 2.5% to 1month lows - KOSPI up small - Aussie up 30bp as banks rallied
The US 10YY is ticking downside 2.4%, but stress coming off in Europe as Spanish Yields tightening to Bunds. Overnight Focus was on China's 5Y Yields jumping 13bp as angst builds on a slowdown, and $150bn maturing this week - The Dollar under slight pressure as we await Trump's Fed Pick, with Sterling jumping into the expected BoE hike this week, and Euro nice bounce $1.16 as German Retail Sales outperform. That Kiwi Dollar getting smoked again tho. Ore off 1% as "China Stockpiles Surge" - but Industrial Metals like Copper are trading higher - of note, Gold is unch despite the DXY reversing hard from 95. Brent holding upside $60, and WTI up 20bp and testing the atmosphere upside $54 early.
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