US futures have turned positive this morning as of 8:15 am ET, following Europe where most markets are up over 1%. Asia closed the week mixed with the NIKKEI and CSI down and the Hang Seng up. Gold has fluctuated in and out of positive territory all night. Oil is down about 1%.
US futures are looking to put an end to a three-day losing streak, led by Boeing and Pfizer. Boeing’s 737 Max was judged safe to fly again by European Regulators and Pfizer is saying it will seek emergency authorization for use of its Covid-19 vaccine. Boeing is up over 3% on the news and Pfizer 1%.
Europe is seeing a bounce this morning as both LVMH (Louis Vuitton) and Daimler (Mercedes) reported strong third quarters. Prime Minister Boris Johnson is set to decide on Friday whether to abandon trade talks with the European Union after both sides failed to come to an agreement during their latest discussions. Johnson said the UK should be ready for a no-deal Brexit.
US retail sales are due today at 8:30 am ET. Yesterday I heard someone say that September sales are historically one of the lower months of the year.
On Monday China will release its third-quarter GDP numbers. The IMF revised upwards its full-year projection for Chinese growth to 1.9% this week. By comparison, the IMF expects the US to contract by 4.3%.
Overall market volume has been almost the same every day this week so far, but ETF volume has been up and down. SPY traded 60 million shares yesterday, while QQQ traded 42 million.
The international pad was active yesterday, especially in ETFs that invest in Asia and emerging markets. MCHI (China), EEMA (Emerging Markets Asia) and EWS (Singapore) all traded above average. Also active were VictoryShares Emerging Markets ETFs CEZ and UVEM, Pacer’s PTIN and BlackRock’s ACWI and ACWX.
Fixed income saw buyers of IGBH (iShares Interest Rate Hedged Long-Term Corporate) and sellers of IGIB (iShares Trust iShares 5-10 Year Investment Grade Corporate). BlackRock also saw sellers of SHY. ProShares Investment Grade-Interest Rate Hedged (IGHG) traded 1.7 million shares, 16x average.
Granite Shares gold fund BAR saw over a million shares traded, 2x average. This ETF has almost doubled its shares outstanding this year.
ProShares is launching ANEW (ProShares Transformational Changes ETF) today.
American Century launched two new funds yesterday: Avantis Core Fixed Income ETF (AVIG) and Avantis Short-Term Fixed Income ETF (AVSF).