Tuesday, October 17, 2017

Good morning- Global equities are mixed to start this morning’s session. European stock futures are all higher with the Stoxx 50 up 4 points, the FTSE up 15.5 points, and the DAX down 3 points. Asian stocks are lower with the Nikkei down 20 points and the Hang Seng up 1 point. US equities are mixed as traders assess the most recent earnings reports from the six major banks. Right now, the DOW is up 20 points and the S&P and NASDAQ are unchanged. Oil is trading through $52/bbl as a golden cross is beginning to form. With respect to rates, the yield on the US 10 yr is just above 2.3% after dipping below that key level yesterday. So far we have only seen $2 bn price from 2 issuers. Nevertheless, credit indexes remain at tights with the Bloomberg Barclays IG Corporate Bond Index reaching its tightest level since 2014. In economic news, we will see data from import/export indexes and the industrial production numbers.