Archives of “Global Indices” category

rss

USD/ARS hits 61 from 45 at Friday’s close

  
Analysis, Forex, Global Indices

It wasn’t even a real election

It wasn't even a real election
The primary vote on the weekend in Argentina was essentially an indicative vote but the market was betting that Macri could keep the gap close enough to win out in October.
Instead, he looks dead in the water, losing to Peronist Alberto Fernandez 32.1% to 47.7%.
The gap in the big-ask spread in USD/ARS is as much as 12%.
The main Argentina ETF is down 24%: (ARGT) with banks taking the brunt of the pain:
ARGT

European equity close: Italy leads the slump on election worries

  
Analysis, Global Indices
#  #  #  #  #

Closing changes for the main European bourses:

  • UK FTSE 100 -0.5%
  • German DAX -1.3%
  • French CAC 40 -1.1%
  • Italy MIB -2.5%
  • Spain IBEX -1.2%
On the week:
  • UK FTSE 100 -2.3%
  • German DAX -1.5%
  • French CAC 40 -0.8%
  • Italy MIB -3.5%
  • Spain IBEX -1.7%

It was a rough week for European stocks but it’s not as quite as bad as it looks (in dollar terms at least) because the euro made some headway. Still, too many of the numbers that have been coming out of Europe have been pointing in the wrong direction.

Eurostoxx futures +1.3% in early European trading

  
Analysis, Global Indices

Positive vibes seen in early trades

  • German DAX futures +1.2%
  • French CAC 40 futures +1.1%
  • UK FTSE futures +0.9%
The late recovery in US equities overnight, where we saw the S&P 500 pare losses of as much as 1.9% to near flat levels is in part feeding into the gains here. The more buoyant mood in equities today is also helping, with E-minis up by 0.4% as we begin the session.
That said, the bond market is still sending an opposite signal and that is the reason why the yen is holding more firm at the moment. USD/JPY is closing back in on the 106.00 handle and I’d be wary of that as we could see a switch from greed to fear later on in the day.

Nikkei 225 closes higher by 0.37% at 20,593.35

  
Analysis, Global Indices

Asian equities more firm amid the calmer risk mood in markets

Nikkei 08-08

Equities more buoyed on the day as investors take some comfort in the perceived notion that China is limiting yuan weakness for the time being.
The improved risk sentiment mainly stems from the fact that the yuan fixing today wasn’t as weak as many had expected, despite moving beyond 7.00 per dollar.
However, there’s a continued divergence between equities and bonds once again with Treasury yields holding near session lows currently. 10-year yields sit at 1.708%, down by 2.5 bps on the day. That for me is still a signal that markets should remain more cautious than be chasing a risk-on rally of sorts in the session ahead.
USD/JPY holds weaker at 106.09 as such, closing back in on the 106.00 handle as we begin the European morning.
Go to top