Good morning- Global equities are mostly higher for a second straight day. Excluding Spain, European stocks are up with the Euro Stoxx 50 up 3 points, FTSE up 19 points, and the DAX unchanged. In Asia, the Nikkei is unchanged while the Hang Seng is up 12 points. US equity futures are pointing to new record highs with the DOW up 31 points, S&P up 2 points, and the NASDAQ up 7.5 points. Treasury yields are 0.5-2bps higher across the curve in steepening fashion as the yield on the US 10 yr has backed up to 2.359%. Yesterday we saw $5bn price across 7 issuers. Both the Bloomberg Barclays IG and HY indices continue to grind to multi-year tights. There is no significant economic data scheduled for today.
In other news, the White House is said to have ruled out talks with North Korea despite Tillerson saying the U.S. was talking to North Korea “directly, through our own channels.” In the muni market, top-rated bonds finished mixed on Monday as traders wait for the NY TBTA and King County Washington deals to price.