Overnight Snapshot

The Day Ahead

0830hrs UK         SW Swedish Prime Minister Stefan Lofven meets with UN Secretary General Antonio Guterres in Stockholm
0900hrs UK         EU EuroZone Manufacturing PMI (est 56.12 vs previous 56.6)
0900hrs UK         EU EuroZone Services PMI (est 54.7 vs previous 54.9)
0900hrs UK         EU EuroZone Composite PMI (est 54.92 vs previous 55.2)
1445hrs UK         US Manufacturing PMI (est 55.32 vs previous 55.6)
1445hrs UK         US Services PMI (est 54.08 vs previous 54.0)
1500hrs UK         EU ECB’s Benoit Coeure speaks in Frankfurt
1500hrs UK         US Existing Home Sales (est 5.54mln vs previous 5.54mln)
US earnings releases today include Kimberley Clark, Alaska Air, Hasbro, First Energy, Haliburton, Alphabet (Google) and Whirlpool
The Day So Far….

STOCKS: Wall Street stocks retreated on Friday as concerns appeared over US Bond yields, with tech stocks leading the decline as investors ponder upcoming earnings and iPhone demand. The technology sector was the biggest loser of the S&P500 sectors, dropping 1.5%on the back of three straight days of losses ahead of some key earnings releases this week. The Dow fell 202.09 points to end the week  at 24462.8, the S&P500 lost 22.98 points to 2670.15, and the Nasdaq100 lost 107.137 points to close at 6667.751
Asian stocks began the week in mixed fashion as cross currents on the geopolitical & trade war fronts left investors in a somewhat indecisive state. - The Nikkei 225 lost 0.2% with the health care sector acting as the major laggard, while financials benefitted from the uptick in yields. - The Hang Seng lost 0.3% as the IT sector weighed, with energy names also
slipping although the telecoms sector cushioned the fall. China's CSI 300 fared a little better, printing the most modest of gains. - Australia's ASX 200 added 0.4%, as miners and financials helped the index move higher, while the IT sector was the largest decliner. - US index futures were higher from the off.
US TSYS: US-yields are higher ex. the 30-Year sector, with the 7-Year sector underperforming on the session thus far. As a reminder, earlier on, MNI sources noted better buying had been seen this morning. Despite this the space managed to extend on Friday's closing lows following positive US-China trade rhetoric over the weekend & suggestions that North Korea is willing to cease its nuclear development programme. - The Eurodollar strip was softer in the main.
OIL: The major crude metrics were largely unchanged today with WTI trading at $68.35, while Brent traded at $74.10. - Friday saw the weekly Baker Hughes US rig count move higher, while a terrorist attack on Libya's Waha oil pipeline over the weekend wasn't enough to put a bid into the space.
GOLD: The Yellow metal lost $3 to trade at $1333/oz as North Korean & US-China issues seemingly eased over the weekend.
FOREX: Over the weekend reports noted that North Korean leader Kim has agreed to suspend nuclear & missile tests, but subsequent reports noted that US President Trump will tell Kim to first dismantle the sites and denuclearise before economic sanctions can be lifted. - This led to a lack of impetus in markets, despite positive developments on the US-China trade front. USDJPY edged higher to trade at 107.80. - GBP added 20 or so pips to trade at ~1.4020. Reports suggested that UK PM May may be open to staying in the customs union, but that has been brushed aside by Downing St. following reports of further internal dissent within the ruling Conservative Party. - EURUSD moved further away from the 1.2300 level, shedding 15 or so pips to last deal at ~1.2270, while the AUD, CAD & NZD struggled for any real direction. - USDHKD benefitted from IPO chatter, which has allowed the cross to edge away from the top end of its permitted trading band.

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Отдел аналитики