Tuesday, November 14, 2017

Good morning- Global equities are mostly lower to start this morning’s session. In Europe, the Stoxx 50 is down 18 points and the DAX is down 47 points while the FTSE is up 5 points. In Asia, the Nikkei is down 30 points and the Hang Seng is down 23 points. Stock futures in the US point to a lower open as the GOP creeps forward in passing tax reform. That said, the DOW is down 42 points, the S&P down 5.5 points, and the NASDAQ is down 7.25 points. Oil is down to $56.45/bbl. With respect to rates, treasury yields are dropping in flattening fashion. The yield on the 10yr UST is down a little over a basis point  to 2.395%. High yield continues to struggle as we saw another HY issuer (Resolute Energy) back out of an announced deal. Aside from PPI, there is no significant economic data scheduled for today.