Wednesday, October 11, 2017

Good morning- Global equities are mostly negative to start this morning’s session. In Europe, the Stoxx 50 is down 1 point, the FTSE down 4.5 points, and the DAX is down 3 points. Asian stocks are also lower with the Nikkei is down 10 points and the Hang Seng is down 54 points. US equity futures are pointing to a slightly weaker open while the VIX flirts with falling below 10. The DOW is down 1 point, S&P down 1.5 points, and the NASDAQ is down 5 points. Oil traded through $51/bbl after OPEC announced that it projects strong demand in 2018. UST yields dropped 0.5-1.5bps across the curve while both IG and HY credit indices continue to trade at multi-year tights. In the IG space, we saw $13.8b price from 5 issuers which brings YTD volume to $1.35t. Today we will hear from Fed’s Evans and Williams.