Wednesday, March 7, 2018

Good morning-  Global stocks are mixed to start this morning’s session as Trump’s proposed tariffs continue to weigh on industries that would bear the brunt. In Europe, the Stoxx 50 is up 2 points, the DAX is up 57.5 points, and the FTSE is up 7 points. Asian stocks are climbing higher with the Nikkei and the Hang Seng up 180 and 165 points respectively. US stock futures are slumping after the resignation of Trump’s economic adviser Gary Cohn. Right now, the DOW down 242 points, the S&P is down 17.5 points, and the NASDAQ is  down 35.75 points. WTI crude is trading up 20¢ to $62.37/bbl as it continues to rebound from a steep decline in early February. With respect to rates, treasury yields are 1.5-3.5bps lower across the curve in flattening fashion bringing the 10yr UST to 2.853%. At least 5-6 companies are said to come to market today following the successful $40bn CVS deal. There is no significant economic data scheduled for today other than our trade balance which came in $1.6bn wider than expected.