EQUITIES: Stocks Inch Higher as Trump Says China Trade Meeting Was Held Today
Apr-24 16:35
Equities gain as Trump states that "they had a meeting this morning" in reference to China trade talks, although adds that it "doesn't matter who 'they' is". This tips the e-mini S&P very briefly to a new daily high of 5,495.00 - almost meeting yesterday's best levels in the process.
- Moves come despite Trump declining to specify who it was specifically that held the trade talks "it doesn't matter who "they" is".
- Earlier today, Beijing said otherwise, stating that there were “currently no economic and trade negotiations between China and the United States” and the Chinese Foreign Ministry spox Jiakun stating that China and the US "have not held consultations and negotiations on tariffs", adds that "respect is [a] condition for any talks to happen"
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US STOCKS: Midday Equities Roundup: Media & Software/Hardware Names Outperform
Mar-25 16:33
- Stocks are trading near steady (SPX Eminis) to mildly mixed at midday, tech-heavy Nasdaq outperforming. Currently, the DJIA trades down 51.47 points (-0.12%) at 42531.34, S&P E-Minis up 1.5 points (0.03%) at 5816.5, Nasdaq up 33.1 points (0.2%) at 18220.65.
- Communication Services and Information Technology sectors outperformed in the first half, interactive media and entertainment names supporting the former with Netflix +2.01%, Fox Corp +2.01%, Interpublic Group +1.99%, Omnicom Group +1.49% and Meta Platforms +1.21%.
- Software & hardware makers led gainers in the IT sector for a change, Crowdstrike Holdings +3.41%, Adobe +2.27%, Enphase Energy +2.19%, Cognizant Technology Solutions +2.08% and Autodesk +1.49%.
- On the flipside, Energy and Real Estate sectors underperformed in the first half, Vistra Corp -3.08%, Public Service Enterprise -3.02%, Dominion Energy -2.80% and FirstEnergy Corp -2.74% weighed on the Energy sector.
- Meanwhile, specialized REITs weighed on the Real Estate sector with Crown Castle -3.83%, Iron Mountain -2.71%, Digital Realty Trust -1.93% and SBA Communications -1.66%.
OPTIONS: Larger FX Option Pipeline
Mar-25 16:16
- EUR/USD: Mar27 $1.0750(E1.3bln), $1.0800(E1.9bln), $1.0820-25(E1.3bln), $1.0850-65(E1.9bln); Mar28 $1.0700(E1.1bln), $1.0800(E2.2bln)
- USD/JPY: Mar28 Y151.00($1.2bln)
- EUR/GBP: Mar31 Gbp0.8360-70(E1.1bln)
- USD/CAD: Mar28 C$1.4145-50($1.2bln)
EURIBOR OPTIONS: Call Spread Unwind
Mar-25 16:12
ERM5 97.875 / 98.00 call spread, sold for 4 in 10k. Market contact suggests this is an unwind of an existing position.
