US equity futures trade flat to minor positive territory. Equity markets opened higher, sentiment was buoyed by stronger than expected Chinese Trade Balance but soon retraced these gains as investor confidence was dented after lower revisions in all four Philadelphia Fed components. In terms of specific equities Tiffany have dropped 3.6% so far to after it said earnings for the year through Jan. 31 will be at the lower end of its forecast. T-Notes trade in negative territory seeing a move higher following a well received 30y auction with strong buyside demand and the yield stopping through the WI.
EUR/USD trades near session highs with a bid tone evident after Draghi’s press conference where he commented on the unanimous decision to keep rates unchanged.
WTI and Brent crude futures trade in positive territory seeing strength on supportive Chinese trade data, news of a sharp cut in Saudi oil production and a pipeline explosion in Yemen that halted most of the country's oil exports.
Print 18:32, 10 Jan 2013 - Economic commentary - Source: RANsquawk
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