Monday, October 2, 2017

Good morning- Global equities are mostly higher as we kick off the first trading day of the fourth quarter. European stocks are up with the exception of Spain, who is dealing with a Catalonian push for independence. Spain’s benchmark bonds fell to the lowest levels in almost 3 months as more than 800 people have been injured. Nevertheless, the Euro Stoxx 50 is up 6 points, FTSE up 44.5 points, and the DAX is up 52 points. In Asia, the Nikkei is down 30 points while the Hang Seng is up 51 points. US equity indices are also higher in spite of the deadliest mass shooting in US history. The DOW is up 26 points, S&P up 2.25 points, and the NASDAQ up 7 points. The yield on the US 10 yr is up about half a basis point to 2.323% as the Bloomberg Barclays IG index closed at the tightest level in more than 3 years on Friday. This morning we’re also seeing commodities trade lower as WTI is now below $51/bbl and gold is trading down for the 4th time in the last 6 sessions.