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

June 12, 2017 by

Morning all.. Hope you all had a great weekend..Wall St had a mixed close on Friday with the S&P just down marginally but the NASDAQ was down almost 2%. Tech stocks saw a rather concerning bout of profit taking. In Asia the Nikkei closed down 0.56%and HK down 1.15%. Technology companies on the MSCI Asia Pacific Index tumbled, with Samsung Electronics Co. and Tencent Holdings Ltd. leading declines. U.S. stock futures fell after the Nasdaq 100 sank 2.4 percent at one point on Friday. The rout in U.S. tech stocks began when Robert Boroujerdi, global chief investment officer at Goldman Sachs Group Inc., warned that low volatility in Facebook Inc., Inc., Apple Inc., Microsoft Corp. and Google parent Alphabet Inc. may be blinding investors to risks such as cyclicality and regulation. Oil rose as Saudi Arabia and Russia sought to reassure investors that output cuts by OPEC and its partners are draining a global glut. GBP is holding but Theresa May will address the 1922 Committee of rank-and-file Tory lawmakers on Monday, in a meeting that will test her chances of staying in office. YouGov/Times: 48% of people surveyed felt May should quit while 38% thought she should stay..U.K. house prices climbed to a record last month as a slowdown in London sales was offset by a stronger market in the north of the country, according to a report by Acadata and LSL Property Services Plc. Prices in England and Wales rose 0.3 percent from April to an average of 303,200 pounds ($386,000), despite the uncertainties of the general election campaign, the groups said in a report published Monday. Prices were up 4.8 percent on an annual basis, the biggest jump since January. The yield on 10-year Treasuries headed higher for a fourth day, advancing two basis points to 2.22 percent supporting the dollar. On the data front in Asia Japan April Core Machinery Orders: +2.7% y/y vs +6.3% cons. This morning we have no data of note and nothing from the US today either so a quiet session in front of the FOMC (Fed rate setting meeting) on Wednesday. Good luck.