Monday, September 11, 2017

Good morning-  Global equities are mostly positive to start the session. Europe is all in the green with the Euro Stoxx 50 up 37 points, FTSE up 24 points, and DAX up 127.5 points. Asian stocks are a little more mixed as the Nikkei is up 40 points and the Hang Seng is down 4. US equities are all higher this morning as Hurricane Irma proved to be less potent than anticipated and a potential North Korean missile launch never came. The DOW is up 109 points, S&P up 11 points, and the NASDAQ is up 39 points. The yield on the US 10 yr is up 2-4bps to 2.095% and the Bloomberg Barclays IG index has widened to levels not seen since June. Last week we saw more than $46bn in IG new issue supply and today the U.S. Treasury will sell $24bn 3yr notes.