Friday, September 29, 2017

Good morning- Global equities are mixed to start the final trading day of the third quarter. European stocks are mostly higher with the Euro Stoxx 50 up 11 points, FTSE up 46.5 points, and the DAX up 51 points. Asian stocks are slightly lower with the Nikkei down 20 points and the Hang Seng down 9 points. In the US, the DOW is down 12 points, S&P down 1.25 points, and the NASDAQ up 7.75 points. The yield on the US 10 yr is down to 2.305% as the Bloomberg Barclays IG index continues to grind tighter. Additionally, oil has settled down to $51.56/bbl after climbing to $53 yesterday. In other news, Deutsche Bank had its long-term credit rating cut one notch by Fitch yesterday. Other than that, there is no significant economic news or primary/municipal issuance scheduled for today.