Thursday, October 12, 2017

Good morning- Global equities are mixed to start this morning’s session. In Europe, the Stoxx 50 is down 10 points, the FTSE up 35.5 points, and the DAX is down 11 points. Asian stocks are also mixed with the Nikkei up 20 points and the Hang Seng down 17 points. US equity futures are pointing to a slightly weaker open before JPMorgan and Citigroup kick off U.S. bank earnings announcements. The DOW is down 23 points, S&P down 4.75 points, and the NASDAQ is down 6 points. Oil is hovering just above $50/bbl while gold and the VIX are trading higher. The yield on the US 10 year is back above 2.34% after dipping below 2.32% yesterday. In the IG space, we saw $15.75bn price from 6 issuers which brings YTD volume to $1.368t. Of that $15.75bn that priced yesterday, $6bn was from Wal-Mart.  Today’s economic data includes PPI and weekly jobless in addition to speeches from the ECB’s Draghi and the Fed’s Powell and Brainard.