Overnight gains are eroded as US China becomes the focus again
The major US indices are opening with modest declines. The overnight gains on relief from the UK election and hope for US China have been eroded.
The snapshot of the current markets show:
- S&P index, -3 point a point surmise 0.13% at 3164.64
- NASDAQ index -7 points or -0.8% at 8709.84
- Dow -19 points or -0.6% at 28114.
China officials are expected to hold a news conference shortly (delayed 30 minutes). The market certainly will be focused on what they have to say with regard to a trade deal. Earlier it was reported from CNBC that they continue to balk at agricultural purchases. We know they want reductions in tariffs as well which Pres. Trump says is false. So, what deal is there?
US yields are trading lower:
- 2 year 1.618%, -4.0 basis points
- 10 year 1.862%, -3.0 basis points
- 30 year 2.288%, -2.2 basis points
spot gold is currently up $2.30 or 0.15% at $1472.05
WTI crude oil futures are up $0.16 or 0.27% at $59.34
The NZD and the AUD has been hit on the back of the less positive USD/China neww and are the weakest of the major currencies now. The GBP keeps its strongest currency rank but continues to retrace the overnight gains. The GBPUSD just traded to new corrective lows at 1.3305.
