EQUITY TECHS: Futures Point to Softer Cash Open Friday
Dec-27 14:30
Headed through to the Friday cash equity open, futures point to a mildly lower open - with NASDAQ futures modestly underperforming the e-mini S&P and Dow indices. The e-mini S&P has shown through the Dec26 low of 6063.50 on today's weakness, opening 6029.75 and 5965.25 as the first levels of support.
- The run higher in the US 10y yield remains a key driver here, with yesterday's cycle high print at 4.6393% a key sentiment driver.
- US performance contrasts with that of Europe, which is mostly higher in cash markets - although the FTSE-100 is the laggard on today's GBP bounce: lower by 0.2% on the day.
- Megacaps are generally lower pre-market (Tesla down 1.3%, Alphabet down 0.6%, Microsoft off 0.4%) which may be driving headline sentiment here.
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EQUITIES: US Cash opening calls
Nov-27 14:27
Ahead of the US Cash open, the Emini is a touch in the red, just ~5 points, and overall the Index is still closer to its all time record high of 6053.25. Printed on the 11th Nov.
- Calls: SPX: 6,021.4 (-0.0%); DJIA: 44,898 (+0.1%/+37pts); NDX: 20,899.9 (-0.1%).
SONIA: Large Call Condor
Nov-27 14:21
0NM5 96.10/96.20/96.30/96.40c condor, sold at 1 down to 0.75 in 20k.
US DATA: Real GDI Reverts To Lagging GDP In Latest Data
Nov-27 14:14
- Reverting to the national accounts data, one of the more notable softer parts of the report was real Gross Domestic Income (GDI) growth increasing 2.2% annualized in Q3 (vs real GDP 2.8%) after a downward revised 2.0% in Q2 (initial 3.4% and vs real GDP 3.0%).
- Analysts likely give greater caution to the GDI numbers though, having printed far softer growth than GDP prior to comprehensive national account revisions back in September after which they converged notably towards prior GDP trends - something that multiple FOMC members subsequently noted.
- Looking through noisier quarterly rates though, both metrics show solid economic growth, with GDP at 2.7% Y/Y and GDI at 3.1% Y/Y in Q3.
