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With headlines likely to get worse before they get any better, investors are once again in no mood to buy equities heading into a weekend. Equity futures are down over 2% and getting worse as treasury yields sink like a stone. After breaking below 1% for the first time ever earlier this week, the yield on the 10-year is now at 0.72%.
Today’s Non-Farm Payrolls report for February came in extremely strong with headline payrolls coming in at 273K versus expectations for a gain of 175K. Unfortunately, all of this data is from early February, so no one is likely going to care.
Read today’s Bespoke Morning Lineup for the latest stock-specific news of note, updates on the coronavirus, and a recap of economic data coming out of Europe.
The price chart of Europe’s STOXX 600 is really something to behold. Less than a month after hitting 52-week highs, the index is now knocking on the door of 52-week lows. It’s rare enough to see this type of a reversal in an individual stock, but for a benchmark equity index of an entire continent, it’s nuts. With a decline of over 3% today, the STOXX 600 is now less than 2% from hitting that level. As we discussed in the Morning Lineup, this is just a further illustration of how before the coronavirus breakout started, the global economy was starting to accelerate.