Opening Bell: Yields, USD Rise On Hike Certainty; Trade Weighs On Stocks

Stocks in Asia retreat though Japan shares buck the trend European shares, US futures eke out gains ahead of today’s Fed Fed rate increase a foregone conclusion, as investors focus on outlook S&P closes at highest point since correction Both NASDAQ and Russell post fresh records Pressure on export-sensitive mega-caps suggests investors still concerned over trade Dollar expected to weaken against euro on end of ECB QE and Trump’s trade policy Key Events

This morning, European equities crawled higher, as have US futures for the and , after stocks in Asia, except for those in Japan, retreated. US yields—ahead of the , due out later today—extended a slow advance to a fourth day, boosting the which in turn pushed emerging market currencies lower.

The pan-European 600 Index opened higher, led by miners and media firms.

The robust global mid-session alongside higher US futures raises trader hopes that the US equity market advance will resume today, even after stocks in Asia declined. This could signal that global traders, unlike their Asian peers, have moved past yesterday’s US-NK summit, focusing instead on the upcoming trifecta of central bank meetings this week including an expected rate hike today from the Fed.

Earlier, China’s fell 0.8 percent, trimming yesterday’s 0.9 percent gain to just 0.1 percent. Technically, bears are continuing to hit the psychological 3,000 level, a demand line since January 2017.

Hong Kong’s closed down 0.65 percent, wiping out two days of gains. Technically, trading is extending and retesting Fridays low, a 1.8 percent selloff that erased three-and-half days of gain, confirming a symmetrical triangle development since February.

Even South Korea’s —seen to be the biggest beneficiary among stock benchmarks from a denuclearized north—gave up a 0.35 percent advance; it ultimately turned into a 0.05 percent slide. On the other hand, the index

Read More Here...

Bookmark the permalink.