Wednesday, October 4, 2017

Good morning- Global equities are mostly lower to start the session. European stocks are all down with the exception of the DAX, which is up 18.5 points. Right now the Stoxx 50 is down 20 points and FTSE is down 4.5 points. In Asia, the Nikkei is down 20 points while the Hang Seng is down 22 points. US equity futures are pointing to a weaker open with the DOW down 14 points, S&P down 2 points, and the NASDAQ down 8.25 points. The dollar fell and treasury yields are down 1-2bps across the curve as President Trump’s shortlist for Fed Chair leans dovish. The yield on the US 10 yr is now at 2.309% as IG credit continues to grind tighter to levels not seen since July of 2014. Aside from September’s reading of the ADP Employment Change index, there is no significant economic data scheduled for today.