At the 10 year yield first. It continues to climb. 1. 87 . A lot of selling and bonds globally again today. We heard Bruce Bittles earlier saying 1. 90 , maybe 2 is where we are headed. We will speak with Marilyn Watson in a moment about global fixed income. The s p 500 continues to grind higher. All week it has been either flat or higher on the session. The best performer is freeport mike moran is freeport up nearly 5 . Wo bign has moved t figures this week as well. It is above 108. 04. Guy a lot going on in markets. Equities trading backup towards record high. Globally, shares doing well. I thing this is the third week of gains we are heading for. Trade fears may be easing a little bit. We also had the central bank story in there as well. The real story over the last three or four weeks has been this kind of real backup and yields. Bidst, massive bid, a fear attached to the global bond market. Since then, we started to go in the opposite direction. Marilyn watson, blackrock head of g
Massive drawdown, though. With more than the market was looking for. Crude rising. It had been higher on anticipation of a drawdown, but spiking just a little bit more right now. Refinery utilization just a little less than expected, down 0. 4 . Distillate inventories was a drawdown of 2. 5 million barrels. The market was looking for a build. Once again, in line with analyst expectations more than they have been, but still, more of a drawdown then we were looking for, and that is causing prices to rise. Elsewhere in the u. S. , stocks rising, with the dow up 1. 7 , the s p 500 up 1. 4 right now. The Advertising Company ipg is , the highest performer in the s p 500. The stoxx index up on china headlines. A nice outlook for semiconductors if things get stabilize between the u. S. And china. At offshore yuan trading 7. 14 and change. Guy it is a decent move. Lets talk about what is happening with the brexit story in a little more detail. U. K. Prime minister Boris Johnson set to speak are
Of the session. The 10 year yield down to 1. 57 , the place where it still seems to be changing. Two210 spread just at basis points. Is strong. Index argentinian peso stronger today as well. Guy i want to come back to that currency story in just a moment. Stoxx 600 down by 1 10 of 1 . Actually near session highs right now. The pound is rising. Decent retail sales out of the u. K. And u. S. German yields continue to push lower. 68 now. Lets take you to the eurodollar chart as well. Has been talking from the ecb, saying basically it would be better to put more stimulus in then less. Thats the effect on the euro, dropping like a stone on the back of those comments pyramid those comments. Investors flee riskier assets in droves. The 30 year yield to a record low. A key part of the curve inverted to the lowest level since 2007. Heres what some of the leading voices are saying. Whats happening today is broader than just the fed. It is about Global Economic weakening. You dont need an inverte
Tenyear, and we are looking at a situation where the euro is going down. Basically, olli rehn has said we are going to get the bazooka out in september. It needs to be impactful. We are going to deliver in september, and when we do deliver, it is probably better we go too far rather than not far enough. That is the effect on the euro. Vonnie in the u. S. , we are seeing the s p 500 trade higher by about 2 10 of 1 . Broadly higher for most of the major indices. The 10 year yield is at 1. 55 , so continuing to decline. The spread is staying positive, marginally. Guy a little bit of breaking news. The Swiss Stock Exchange is said to be considering buying an eu for somerd, looking diversification. Story. Y be yesterdays we will come back to that. Trade concerns causing some fluctuations in the market right now. Treasuries resuming a rally that pushed the 30 year below 2 overnight. Joining us now, patrick spencer, baird vicechairman of equities. What have you made of the last 48 hours . Pat
Theres probably a 40 chance of a recession. Eurozone bond yields hit fresh record lows as the ecbs olly renn signals the bank is ready to hit a significant someti stimulus package. And hong kong prepares for more protests. Good morning its friday. We made it to the end of the week its been a volatile week for markets. Mostly in fixed income space but also u. S. Equities yesterday, looking at the u. S. Equity close, you would think it was a muted session. The dow was eking a gain of 0. 4 s p slightly up in the green nasdaq slightly in the red that belied a lot of the intraday volatility we saw yet the theme was bid for fixed income a lot of fear gripping the market as we see money pour nothing tha pouring into that space. You may notice theres a lot of black behind me. Thats unusual the reason thats the case is ftse 100 has not yet opened due to a technical failure we dont have the opening levels the rest of the heat map is trading solid. Definitely a lot more positive than on other day