Morning Wire — Futures Mixed on S&P Ratings Warning
Yesterday’s warning on possible Eurozone bond downgrades from S&P has injected more than a little uncertainty into the US futures market this morning. The impact on foreign markets, however, is not uncertain. It’s real and it’s not pretty. At about…
Yesterday’s warning on possible Eurozone bond downgrades from S&P has injected more than a little uncertainty into the US futures market this morning. The impact on foreign markets, however, is not uncertain. It’s real and it’s not pretty.
At about 7:00 a.m. ET, Germany’s DAX is down about -0.75% at 6,060.70 and France’s CAC 40 is down more than -0.2%, at 3,192.24.
In Asia, Hong Kong’s Hang Seng index is down nearly -1.25%, at 18,9423.20. The Nikkei index is down nearly -1.4%, at 8,575.16, and the Shanghai index is down about -0.3%, at 2,325.91.
The only foreign exchange with a positive tone this morning is London, where the FTSE 100 is up about 0.15%, at 5,575.61. The UK is probably being rewarded for not joining the euro when it had the chance.
Dow futures are down about -0.04%, at 12,061. The Nasdaq 100 and the S&P 500 are both up, with the S&P up about 0.4%, at 1,259.60 and the Nasdaq up about 0.6%, at 2,339.25.
In the currency markets, the euro has gained slightly against both the US dollar and the British pound. The US dollar has gained slightly on both the British pound and the Japanese yen.
In commodities, both WTI and Brent crude are slightly higher this morning, with WTI at $101.10/barrel and Brent at $110.24/barrel. Gold is down about -0.7%, at $1,722.20.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.