US equities are currently in firm positive territory as market participants return from the long weekend as markets observed yesterdays US President’s day which saw most markets in the US closed. Positive macro economic data from Europe supported US equities with the German ZEW survey (Economic Sentiment) coming in at its highest level since April 2010 and a well received Spanish T-bill auction. The DJIA broke its 14,000 level to the upside to set up 5yr highs which also coincided with the S&P 500 breaking Wednesday’s highs and its R2 level to also trade at its highest levels in 5 years. This was attributed to Google breaking its USD 800 per share level for the first time ever. T-notes have traded range bound so far in the session with news flow being particularly light and the focus being on tomorrow’s release of the fed minutes for the Jan 29th/30th FOMC meeting. T-notes currently trade at 131.17 up 5 ticks.
In the energy complex, broad weakness was seen across the board weighed on by news that the Seaway pipeline was not expected to move projected volumes in the “foreseeable future”. Nat gas was the notable outperformer which has been underpinned by unexpectedly prolonged cold weather in the US. WTI crude futures currently trade down USD 0.15.
Spot gold moved to fresh lows but crucially failed to breach the USD 1600 level weighed on by spot silver which currently trades down 1.49%.
Print 18:38, 19 Feb 2013 - Market Analysis - Source: RANsquawk
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