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Dave Lutz, head of ETFs at JonesTrading, has an overview of today's markets.
- US markets are mixed while the rest of the world is mostly red.
- Oil holds 2-year highs.
- The US dollar is rising.
Here's Lutz:
Good Morning! Getting back to speed after some R&R down at Mile Marker Zero. US futures are mixed early, with DJIA in the green, but Nasdaq and S&P slightly lower. Mostly a sea of red overseas, where the DAX is down small. Fins are higher in Germany, but Healthcare is getting hit across the continent. Energy Issues running still, but Maersk getting hit on #s, while Autos weaker on BMW. FTSE down 20bp despite a bid in Big Oil, while Media weaker on SKY. Eyes remain on Saudi's Tadawul Exchange which was 3% lower early, but has mitigated losses to 1% right now. It was a ripsaw in Asia - Nikkei up 1.7% as Yen weakens - Hang Seng up 1.4% as Energy rallies - Shanghai added 70bp - KOSPI lost small, while Aussie's Energy Sector up 2.6% propelling ASX over 6,000.
The Greenback is rebounding from yesterday's weakness, jumping upside 95 in the early go. Weaker UK retail Sales weigh on Sterling, while Stronger EU Retail Sales are not helping Euro early, which has dropped under 1.16 - Soft Wage data weighs on Yen, while the Aussie $ is getting hit as the Central Bank holds rates. Ore jumped 2.5% overnight in China, but Industrial metals are getting worked over, with Platinum, Nickel, Copper and Silver all 1%+ lower. Oil holding 2Y+ highs from Saudi Crackdown ahead of outlooks from OPEC and EIA today, while Natty is giving back some of yesterday's squeeze, getting rejected from $3.15 in the early go.
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