Thursday, November 30, 2017

Good morning-  Global equities are mostly higher to start this morning’s session as Senate Republicans look to approve their tax-overhaul legislation as soon as tonight.  In Europe, the Stoxx 50 up 11 points and the DAX up 73 points while the FTSE is down 11.5 points. In Asia, the Nikkei is up 60 points and the Hang Seng is up 77 points. Stock futures in the US are all positive after the Nasdaq 100 had its worst drop in three months . That said, the DOW is up 93 points, the S&P up 8.5 points, and the NASDAQ is up 23 points. Oil is up almost 50 cents to $57.76/bbl following OPEC’s largest producers signaling they would extend their oil production cuts until the end of next year. Treasury yields are little changed with the yield on the 10yr UST at 2.392%. In the credit space, we saw Alibaba price $7bn in a 5-part bond deal which launched inside the curve but behind Amazon. Today’s economic data includes weekly jobless claims, personal income and spending, and several PCE numbers.