Wednesday, February 21, 2018

Good morning-  Global stock futures are mixed to start this morning. Most of Europe is lower with the Stoxx 50 down 20 points and the DAX down 72 points while the FTSE is up 21 points. Stocks are also finishing the day lower in Asia as the Nikkei is down 20 points and the Hang Seng down 24 points. US equity futures point to a slightly higher opening after the Dow’s late plunge yesterday. Now, the DOW is up 7 points, the S&P is up 3 points, and the NASDAQ is up 28 points. Oil is having another down day and is trading at $61.28. Treasury yields are mostly unchanged across the curve with the 10yr treasury up about 1bp to 2.875%. The market backdrop is said to be improving for credit as some investment-grade bond issuers are expected to get off the sidelines. Today’s economic news is limited to FOMC meeting minutes this afternoon.