Thursday, February 8, 2018

Good morning-  Global equities are mixed to start this morning's session after another eventful day for stocks. In Europe, the Stoxx 50 is down 40 points, the DAX is down 152 points, and the FTSE is down 67 points. Stock futures point to a lower open in Asia after China’s yuan sank the most since the aftermath of its shock 2015 devaluation. After rallying in their last session, the Nikkei is now down 40 points and the Hang Seng is down 99 points. US stock futures erased earlier losses as the Senate is poised to quickly pass a bipartisan budget deal that would avert a government shutdown. The DOW is up 102 points, the S&P is up 13 points, and the NASDAQ is up 50 points. Oil is having another down day, trading at $61.25 which almost 4% lower for the month. Treasury yields are higher in steepening fashion with the 10yr treasury approaching 2.86%. In the credit space we saw high-grade issuers price $2.5 billion, achieving strong outcomes driven by robust investor appetite. In HY we saw the index tighten for the first time this month after 3 borrowers priced deals. In economic news, we’ll see initial jobless claims and also hear from some Fed speakers.