During earnings season, we’ve decided to run more earnings previews and less macro commentary. You can read my CMG Q3 earnings preview from this morning.
Here is a quick summary of markets overnight:
- The Euro rallied a quick 0.5% around 5pm yesterday after Moody’s reaffirmed Spain’s rating, but interesting that SPX futures did not really follow the currency risk-on action. The dollar is weaker vs. most major crosses, but SPX futures close to flat, as earnings reports in IBM and INTC weigh on stocks (and BAC, HAL and PEP all down this morning too).
- Asia ended mostly in the green, with the Hang Seng rallying to 6 month highs once again (one of the strongest world indices in October)
- Europe has traded basically the entire session in the green as well, with Spain leading the way. Spanish 10 year bond yield is down to 5.50, the lowest level since April.
- Despite dollar weakness, commodities are actually mixed, though all close to flat.
- Housing Starts and Building Permits out at 8:30 am.