Recovery day after yesterday’s sharp fall
In other markets this morning:
- Spot gold is trading up $3.43 or 0.27% at $1767.95.
- Spot silver is up $0.33 or 1.42% at $22.58
- WTI crude oil futures are up $0.87 or 1.23% at $71. Oil has been supported today on news that shall output from the Gulf of Mexico will be less through the year and due to damage from the storms
- Bitcoin is up $207 at $43,243 after yesterday’s sharp decline
In the US pre-market for US stocks, the futures are implying a higher opening for the major indices erasing some of the losses from yesterday’s sharp move to the downside:
- Dow 264 points after yesterday’s -614.41 point decline
- S&P + 33 points after yesterday’s -75.26 point decline
- NASDAQ index +120 points after yesterday’s -330 point decline
In the European equity markets, the major indices are also moving higher in trading today:
- German Dax +1.4%
- Francis CAC, +1.3%
- UK’s FTSE 100 +1.1%
- Spain’s Ibex, +1.25%
- Italy’s FTSE MIB +1.3%
In the US debt market, yields are higher after the declines yesterday. The yield curve as measured by the 2-10 year spread is a touch steeper at 110.6 basis point versus 109.3 basis point:
In the European debt market, the benchmark 10 year yields are trading down between about one and two basis point: