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US Opening Comments

Posted:02/12/2008 13:23 by Alison L. McConnell
US equities are headed for a stronger open after yesterday’s sell-off. European markets added 1-2% overnight but Asian markets tumbled over 6%. Dow futures are currently up 2%, S&Ps are up 2.3%, and Nasqdaq futures are up 2.4%. The Big 3 automakers today are expected to send plans to Congress that stress downsizing, lower costs, and more environmentally friendly vehicles. November auto sales figures are due today as well. The 30yr has retraced some of yesterday’s huge gains, made after FED chairman Ben Bernanke said the central bank is considering buying longer-dated Treasuries in nonconventional efforts to boost the slumping US economy. The 10yr is off 4 ticks, but the rest of the curve is in positive territory this morning. The 2yr yield is down to a measly 0.85%. Fed funds are trading 0.50% at 0.75%. USD is mixed against the majors with EUR/USD and Cable each up 0.3%, USD/JPY up 0.15% and USD/CAD down 0.2%. In the energy complex, Crude is up about 15 cents at 49.43, still firmly under the $50 mark taken out in yesterday’s sell-off. Other energies are higher as well. Gold is up about $2 at 779. Johnson Redbook Retail Sales are today’s only economic data and will be released at 8:55am. At 12:00, Treasury Secretary Paulson speaks on US-China relations ahead of his trip to Bejing. Philadelphia FED President Plosser follows at 12:30 with remarks on the economy in New York. click here to return to the top of the page
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