NATO and tariffs send stocks lower, dollar higher and risk off pair down
The story is an old one, but there still is a reaction.
The US announced they were looking to add $200B to the China tariff list (currently at $34B). Meanwhile Pres. Trump is at the NATO meetings and doing his "thing". The impact has the risk off currencies like the AUD and NZD lower and the other major currencies more modestly lower vs the dollar at the start of the day.
The stocks are lower in pre-market US trading. They are lower in Europe too.
The changes and ranges are showing a move straight down for the AUDUSD and the NZDUSD. They have the largest ranges vs. the USD too. The EURUSD, GBPUSD, USDJPY and USDCHF are trading near day highs but ranges are modest.
A snapshot of other markets are showing:
- Spot gold down -$5.70 at $1250
- WTI crude oil is down -$0.89 at $73.22
In premarket trading futures are implying lower openings:
- Dow -173 points
- S&P down -16.54 points
- Nasdaq down -51.35 points
European stocks are lower:
- German Dax down -1%
- France's CAC down -1%
- UK FTSE down -1.0%
US yields are little changed:
- 2 year 2.577%, up 0.8 bps
- 5 year 2.755%, up 0.8 bps
- 10 year 2.854%, up 0.5 bps
- 30 year 2.952%, down -0.3 bps
European 10 year yields are higher mostly:
- Germany 0.374%, up 5.4 bps
- France 0.647%, down -0.9 bps
- UK 1.307%, unchanged
- Spain 1.289%, up 1 bps
- Italy 2.685%, up 1.3 bps
- Portugal 1.764%, up 1.0 bps
England vs Croatia at 2 PM ET/1900 BST/1800 GMT