Morning Update – 06/12/2017 – by Arjun Lakhanpal

December 6, 2017 by

Morning all.. Wall St gave up early gains and fell into the close with the S&P closing down 0.37% in a relatively quiet session but in Asia we saw a rather nasty risk off move with the sell-off in Tech stocks spreading to broader indexes. The Nikkei fell nearly 2% with HK down over 1.5% and Shanghai down 0.6%. Asian stocks are poised for the longest losing streak in two years as the technology, mining, consumer and industrial sectors led declines. The MSCI Asia Pacific Index is set to fall for eight days, making it the longest run of losses since 2015. Ten-year Treasury yields maintained a slide to 2.34 percent but USDJPY fell as the Nikkei moved lower. Australia’s third-quarter GDP climbed 2.8 percent from a year earlier versus a forecast of 3 percent, reinforcing expectations for the central bank to stand pat on rates for much of next year. The Reserve Bank of Australia has signaled no near-term policy change as household spending slows amid lofty debt levels and stagnant wage growth. The euro was little changed at $1.1839. Also weighing on risk sentiment was a report in the Washington Post- Trump to recognize Jerusalem as Israel’s capital in policy shift that could spark unrest- President Trump on Wednesday plans to upend decades of U.S. policy by formally recognizing Jerusalem as the capital of Israel and ordering the relocation of the U.S. Embassy to that city, senior aides said, a decision that could derail the White House’s peace efforts and spark regional unrest. This morning we get very little data of note.. Good luck.