The Fuse
What are futures doing?
Seeing a nice rally in the futures and a sharp bounceback in the Nasdaq after a beating on Thursday. ES futures up 24 handles but off the highs of the early morning. Maybe a bit of relief going into the weekend.
News
Solid rally in Europe with STOXX higher by .7% led by gains in France and Germany. The FTSE was up .2% on moderate turnover. Gold is up by more than 1% as is silver, crude oil down slightly. Bund yields fell 4 bps overnight as some buying in bonds returned, 10 year US treasury yields came down 5 bps but are still elevated. In Asia, the Nikkei lost .9% while Shanghai was lower by 1.4% but Hong Kong climbed 1.1% on heavy turnover.
Volatility
VIX is lower again this morning and pushing towards 15%, always a dangerously low area. Seems a lack of buyers earlier this week in many groups but tech has held a bid. The Nasdaq volatility (VXN) is still very low.
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