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Nikkei, last 30 minutes of trade. Final stretch of the morning session paid south korea is being dragged down. Currency markets. Sterling, cable, eurodollar, aussie, the sing dollar. 136 following this weeks mas decision and policy response. Fairly flat. We could see more action later tonight and into next week, when you have the likes of chinese gdp numbers coming out. Gyrations on the political scene, i would imagine. Lets go to your first word news and get you updated on the virus situation in europe with the u. K. And france facing tough virus restrictions as global infections are heading towards 40 million. Households indoors going under overnight curfew as they have a new wave of covid19. Daily infections hitting record in germany, italy, ireland, and spain. Reporting the most new cases since april. President trump is ramping up rift with Senior Republicans, saying he supports a bigger stimulus package. He is blaming dem ....
If you are looking for leadership in the market, you are going to find it in real estate. That is not necessarily encouraging. Secondbest performing sector is consumer discretionary. This is typical this time of year. You see a lot of retailers being bid up ahead of the black friday shopping season. You are also seeing a lot of the big retailers and apparel makers getting bids higher here. Then we take a look at treasuries. Third straight day weve seen a bid going back into treasuries. A lot of this is actually a little more on the short end of the curve. Seeing a lot more bids in the twoyear space rather than the 10. That is creating steepening, but still, the flattening over the past six or seven weeks still pretty dramatic. Gold rebounding off its lows for the day. It had been down. A lot of bearish notes coming out saying that the gold rally may finally have run out of steam. We got some data out of china showing purchases there, imports into the country have fallen. We also had so ....
Now we are at 29. 80ish we have been going side ways most of the year in 1997, the year started at an alltime high and went up. It is true. You think about where we were Christmas Eve and we had taken a huge plunge. We got it back interesting on the performance. Similar to the u. S. But china lagged significantly where we are in the trade war. Who is hurting more or less. Down about 4. 7 china has closed today but something to keep your eye on treasury yields are up part of that because of a weak japanese option not exactly for risk on reasons. I wonder if the new quarter means youve loosened up a little bit looking even at absolute levels, a lot of that has been weak. At the end of the quarter, it hasnt money too significant well be a bit of a head wind. Still talking about growth from 6 yesterdays day was fractionally better the eurozone manufacturing and final print was a tiny bit of expectations still the worst to october 2012, ....
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I dont think it is that problematic, but it is telling us that there are different players in different parts of the yield curve. It is not just the shape of the u. S. Curve. It is the differentials in other curves as well. That, to some degree, is a testament to the influence of other Central Banks beside the fed. The rest of the world is still printing money. Ecb, bank of japan. The ecb has promised us they will do that until september of next year. All of this money is hurting duration and credit risks. They ultimately end up in the u. S. , and that is a very important driver. One of the weirdest things as about the curve flattening here is we are doing it against the backdrop of the fed and potential tax cuts next year. You got hundreds of billions of extra supply coming into the u. S. Treasury market next year. My guess it will be much more difficult for the curve to continue to flatten in the next year. Pickupe dont get some ....