Stocks lower. Yields higher.
The USD is the strongest and the NZD is the weakest as NA trader enter for the day (and to start the week). The US stocks are lower with the pressure on the Nasdaq. The US rates are higher with the 5 year up 3.7 bps and 10 years up 3.1 bps. Gold is lower with the dollar higher. Oil is lower after pushing to another cycle high after drone strikes on Saudi Arabia facilities (but there was no significant damage).
Looking at the changes and ranges, the USD is trading near the highs for the day vs the EUR, JPY, CHF, CAD, AUD and NZD. The dollar is midrange vs the GBP but higher.
- Spot gold is trading down $14.02 or -0 23% $1686.82
- spot silver is down $-0.24 -0.95% at $24.96
- WTI crude oil futures are trading down $0.43 -0.62% $65.68
- The price is trading up $265 at $50,362
In the premarket for US stocks the NASDAQ index is the weakest of the majors. The Dow is now marginally positive volatile trading. CNBC is reporting that the tougher is bullish on stocks yields to rise as result of foreign demand for US stocks and current levels compared to their domestic Bond yields.
- Dow industrial average up 16 points
- NASDAQ index -134 points
- S&P index -14.4 points
in European equity market, most major indices are trading higher:
- German DAX +1.43%
- France's CAC, +0.7%
- UK's FTSE 100, -0.16%
- Spain's Ibex 0.3%
- Italy's FTSE MIB, +1.9%
In the US debt market, the year yields are higher with the 10 year spread also higher on the day.
In the European debt market, the yields are mixed with Germany, France, UK marginally higher and Spain, Italy, Portugal marginally lower.