Markets Are Shouting 'TGIF'
Today, things are finally quieting down.
In Europe, the London FTSE is up 0.2%, the German DAX and Spanish IBEX 35 are up 0.1%, the Italian FTSE MIB is down 0.2%, and the French CAC 40 is down 0.4%.
In the United States, S&P 500 futures are flat, and the yield on the 10-year Treasury note – at 2.90% – is hovering one basis point over Thursday's close. 10-year Treasury futures are flat.
As Société Générale global strategist Kit Juckes puts it in an email this morning, "Market shouts TGIF, loudly" (thank goodness it's Friday).
"There's a bit of TGIF feel to all this," says Juckes. "The overnight session is quieter, with equity markets and EM currencies bouncing, nominally on the back of yesterday’s crop of stronger economic data."
The Japanese Nikkei 225 rose 2.2% overnight, while the Hong Kong Hang Seng fell 0.2% and the Shanghai Composite retreated 0.4%.
Meanwhile, India's SENSEX is up 0.8% in late Friday trading, and Indonesia's Jakarta Stock Exchange Composite Index is flat. India and Indonesia have been the Asian focal point of the sell-off in EM this week, and their equity markets are finally getting a rest.