This morning, the S&P 500 Index e-mini futures (ES-M2) are trading higher by 8.00 points to 1372.00 per contract. The move higher in the futures market comes as the European markets are rebounding higher. Earlier today, Spain auctioned off 12 and 18 month Treasury bills at a higher yield, however, the 10-year bond yield declined and this is the likely reason for the rally in Europe.
The 10 year bond yield seems to be holding all the cards when it comes to the action in the markets these days. The iShares MSCI Spain Index (ETF) (NYSEARCA:EWP), and the iShares MSCI Italy Index (ETF) (NYSEARCA:EWI) are likely to be volatile today.
Last night, most of the leading Asian stock indexes ended lower on the trading session. The one bright spot was the Sensex Index (India) which closed higher by 1.21 percent. The Reserve Bank of India (Indian central bank) cut interest rates by 50.0 basis points to 8.00 percent in order to increase growth. Easy money is always good for a rally.
Traders should watch for early strength in the Indian ADR's today. Leading stocks such as Tata Motors Limited (ADR) (NYSE:TTM), Infosys Ltd ADR (NASDAQ:INFY), and the India Fund (NYSE:IFN) are likely to be in play today.
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The Greenback Still Dominates Every Market Move: April 17, 2012
Published 04/17/2012, 09:28 AM
Updated 07/09/2023, 06:31 AM
The Greenback Still Dominates Every Market Move: April 17, 2012
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