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Dave Lutz, head of ETFs at JonesTrading, has an overview of today's markets.
Good Morning! US Futures mixed, with DJIA up 20bp as M&A Continues (Cineworld for RGC) – but the Tax Rotation continues, with Nasdaq down 40bp early as angst builds about benefits from Tax cuts and Corporate AMT. Euro Markets are all under pressure, giving back ½ of yesterday’s gains - Euro Tech following the selloff, and the Fins are even under pressure. DAX is down 50bp with Healthcare the biggest lagger, while FTSE is up small as Sterling drops despite Provident Financial smoked for another 13% and the Miners weaker as metals retreat quickly. In Asia, Nikkei off 40bp as Nintendo lost 3%, but TOPIX climbed as Banks rallied - Hang Seng hit for 1% as Tencent lost 3% - Shanghai off small, but small-cap Shenzhen off nearly 2% - KOSPI up 35bp despite Sammy weakness as Steel stocks rallied - Taiwan off 80bp as TSM lost 2% and Aussie off 20bp as Retailers offset losses in the Financials
US10YY continues to run into resistance near 2.4%, with buyers continuing to Focus on DC Antics and the Shutdown Deadline Friday. Germany’s 10YY keeps skittering on 32bp, but the Euro is shrugging off weaker EU retail sales. The DXY is flat tho, as Brexit Angst continues to weigh on Pound, trying to hold $1.34 as UK PMI posts light – Yen has a slight bid early, and A$ stronger as Retail Sales came in better. Gold and Bitcoin have slight bids early, while Ore finally retreats, losing ~2%, shrugging off better Chinese Services PMI, weighing on Industrial metals with Copper getting hit for ~2% to 2month lows and southside 100dma. WTI off 3% since the start of OPEC week, and nearing critical support close to $57, and Natty getting hit again for nearly 2% after smashing below $3 yesterday.
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