The Dow is on pace to post triple-digit declines in the opening minutes of trading for the third straight day, and that comes on the heels of several days where US large-cap stocks hit all-time highs. One drag on the DJIA this morning is 3M (MMM), which was downgraded at RBC Capital. Weakness in Europe is also helping to drag down sentiment in the US as BASF cut guidance last night, and the British pound is at a two-year low.
Read today’s Morning Lineup to get caught up on news and stock specific events ahead of the trading day and a further discussion of overnight events in Asia (including a horrendous MTO report in Japan) and Europe.
Bespoke Morning Lineup – 7/9/19
Brazilian equities are one area of the emerging markets space that has continued to break out this week as the benchmark Ibovespa approaches 105,000 for the first time ever. Sentiment on the country has really improved of late as a result of optimism concerning the outlook for an overhaul of the country’s social security system.
Even in dollar terms, Brazilian equities are breaking out. In just the last three days, the dollar-adjusted Ibovespa also broke out to new 52-week highs. If dollar weakness going forward continues, Brazilian equities should present strong returns from the perspective of US investors.
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