This morning. U.S. equity futures are slightly lower and near the middle of their morning trading range. Economic reporting is light worldwide. In Asia, equity markets closed mixed, with greater strength in Hong Kong. In Europe, equities indexes are modestly lower. The dollar is mixed. Treasury 10-year yields are slightly higher. The recent worldwide sovereign bond market rally appears to be have ended. Spanish and Italian 10-year yields continue to rise. Commodities are mixed. Wednesday's Nikkei 225 June 2014 (NKM4) equity futures are modestly lower.
Monday, the S&P 500 (SPX), DJ Industrials (DJI), Nasdaq and DJ Transports (TRAN) opened lower, as on Friday, reversed positively and closed near their intraday highs. The market outlook remains "in correction". On April 4th, the U.S. equity markets distributed, and the market outlook worsened to "in correction", ending a brief "confirmed uptrend" that began on April 1st. The SPX opens -0.61% below its May 13th record close.
Trading desks again report quiet overnight trading in both Asia and now in Europe. The path of least resistance appears higher as short positions are squeezed, especially in momentum stocks, though resistance at SPX 1900 remains likely. Commodity and currency price developments are the focus. Sovereign debt yields are rising since mid-last week. Relative strength indicators don't suggest that the market is particularly overbought, though the 17.1x price earnings multiple is well in excess of 15.9x historical average.
Monday, on lower and below average volume, U.S. major equity indexes reversed early losses and rose to late morning highs, then traded narrowly to the close. The S&P 500 (SPX), DJ Industrials (DJI), Nasdaq, and NYSE composite rose +0.38%, +0.13%, +0.86%, and +0.15%, respectively. The DJ Transports (TRAN) rose +0.77% and closed at a record high. Momentum indexes rallied. The Russell 2000 (RTY) rose +1.04%, and is now off -7.80% from early March highs. The Nasdaq Internet (QNET) index rose +1.55%, and the Nasdaq Biotech (NBI) index rose +1.45%. The QNET and NBI are in correction, down -16.7% and -15.2%, respectively.
NYSE volume fell -24.6% to 0.84x its 20-day moving average. The SPX and NYSE composite are now +1.99% and 2.10% higher in 2014, respectively, while the DJI and Nasdaq are down -0.39% and -1.22%.
The 1Q2014 earnings reports began on March 15th, and 470 of 499 SPX companies have now reported, with respective +6.05% EPS and +0.20% revenue surprises.
Price earnings multiples remain elevated. With SPX equities trading at a 17.1 (compared to 17.0 the prior day) 2013 earnings multiple, attention focuses on 2014 earnings and valuations (17.1x times survey $117.96 2014 SPX operating earnings suggests a 2018.67 SPX level this year, a +7.09% rise).
Technicals improved as all but the DJI recaptured their 20-day moving averages. Led by technology, most SPX market segments closed higher. Market breadth was positive, and up volume led down volume. Volatility fell. Treasury bond markets weakened. On the day, the U.S. Treasury 10-year bond yield rose +2.06 bps to 2.5445% compared to 2.5231% at the prior close.
This morning, 10-year U.S. Treasury yields are up +0.36 bps at 2.5481%, compared to the prior close. World sovereign bond markets are also weaker. Notably, Spanish and Italian 10-year debt yields have risen over the past three sessions, yielding +3.05% and +3.22%, respectively, compared to 3.01% and +3.15% the prior day.
U.S. options markets are unchanged at neutral to bullish, compared to neutral to bullish the prior day. The CBOE SKEW remains above a neutral range.
In pre-market futures trading, June SPX equity futures (SPM4) price near the middle of a 1879-1884 trading range. After a fair value adjustment of -0.22 points, the SPM4 future prices at 1880.00, down -1.78 points. The SPX opens +0.28% and +0.91% above its respective 20- and 50-day moving averages, and +2.03% and +5.45% above its 200-day moving averages. Initial resistance is 1889.91. Initial support is 1876.33, then 1867.59.
In Asia, equity markets closed higher, with better strength in Hong Kong. The Nikkei 225 (NYSEARCA:NKY) rose +0.49%. The NKY remains in correction. On April 21st, its 50-day moving average moved below its 200-day moving average. Its 200-day moving average is now below its 100-day moving average. The Hang Sang index (HSI) closed up +0.57%. The Shanghai composite (SHCOMP) rose +0.15%. Both HSI and SHCOMP 50-day moving averages are also below their respective 200-day moving averages. Today's volumes are unavailable.
Economic reporting is light. Commentary focused on currency and commodity developments.
This week, the NKY and SHCOMP are down -0.15% and -0.91%, respectively, while the HSI is up +0.54%. Last week, the HSI and SHCOMP closed up +3.89% and +0.76%, respectively, while the NKY closed down -0.73%. In May, the NKY is down -1.60%, the HSI is up +3.17%, and the SHCOMP is down -0.90%. In April, the NKY closed down -3.53%, while the HSI and SHCOMP closed down -0.08% and -0.34%, respectively.
In 2014, the NKY and HSI are down -13.6% and -2.02%, respectively, while the SHCOMP is down -5.10%. In 2013, the NKY rose +56.7%. The HSI closed up +2.87%. The SHCOMP closed down -6.75%.
In China, short-term interbank lending rates remain volatile, as the SHIBO 7-day rate rose +26 bps to 3.36%, compared to 3.10% the prior day, up from a 2.26% low on March 11th, but down from the February 7th 5.41% recent high.
Regional relative strength indexes (RSI) show Tokyo, Hong Kong, and Shanghai in neutral ranges. The NKY RSI ended at 42.54, compared to 40.23 the prior day, up from an oversold 27.92 on February 4th, the most recent prior yearly low. The HSI RSI rose to 60.40, compared to 57.89 the prior day. The SHCOMP's RSI rose to 40.07, compared to 39.03 the prior session. On June 27, 2013, the index's RSI fell to a low of 15.27, which was also last year's low index close.
In Japan, the NKY closed at 14,075.25, compared to 14,006.44 the prior day, -13.6% below its recent year-end 16,291.31 high and -63.8% below its late-1989 38,915.87 high close. The index opened above 14,080, fell to a mid-morning 14,038.06 intraday low, then rose to an early afternoon 14,144.04 intraday high. The index fell back to 14,100 until late afternoon, then weakened into the close. Most market segments closed higher. Leaders were consumer services, utilities, and telecommunications, which rose at least +0.86%. Financials rose +0.47%. Laggards were technology and industrials, which rose at least +0.08%, and oil and gas, which fell -0.88%.
The index closed -13.6% below its recent December 31st 16,291.31 high.
In China, the HSI closed at 22,834.68, compared to 22,704.50 at the prior close. The index opened at its 22,760, then rallied to a mid-morning 22,914.17 intraday high. The index eased to 22,780 by mid-afternoon, then improved to the close. Market segments closed mixed. Leaders were technology, consumer services, and telecommunications, which rose at least +1.19%. Financials rose +0.19%. Laggards were utilities, oil and gas, and basic materials, which fell at least -0.06%. The index closed -4.50% below its recent December 3rd 23,910.47 high, but +24.9% above its 18,185.59 June 4, 2012 low.
In Shanghai, the SHCOMP closed at 2,008.12, compared to 2,005.18 at the prior close, +2.98% above the 1,950.01 June 27, 2013 close, last year's low. The index gapped higher to open at 2,012 and rose to an early 2,011.85 intraday high. The index eased and reversed lower in mid-afternoon to the session's 2,002.97 intraday low. Then traded narrowly to the close. Most market segments closed higher. Leaders were technology, oil and gas, and utilities, which rose at least +0.35%. Financials rose +0.26%. Laggards were consumer goods, basic materials, and telecommunications, which fell at least -0.13%.
In Europe, equities are mostly lower. The Euro Stoxx50, FTSE 100, CAC 40, and DAX are down -0.14%, -0.49%, -0.24%, and -0.15%, respectively. The Spanish IBEX 35 is up +0.40%. The Italian FTSE MIB is up +0.22%.
Economic reporting is light. Markets focus on volatile sovereign bond yields (Spain and Italy 10-years have risen materially since last Thursday) and currency and commodity developments. The euro is higher today compared to the dollar.
European bourses have recently outperformed U.S. equity indexes. Intraday Euro Stoxx50 relative strength (RSI) is 48.63, compared to 49.47 at the prior close, in the middle of a neutral (30-70) range, but better than its recent February 5th 33.57 low, which coincided with its 2014 low. The indexes lowest recent RSI level was 25.77 on June 24th, which marked the 2013 2,494.54 closing low.
The Euro Stoxx50 trades -2.16% below its 3,230.33 April 4th post-2008 high close, and -39.8% below its 5,249.55 March 31, 2000, all-time closing high. From its prior day 3,169.90 close, the index fell in early trading, but rallied to a brief 3.175.80 intraday high before again reversing lower to a mid-morning 3,155.63 intraday low. The index improved to 3,165, where it has traded to mid-afternoon. The index currently trades at 3,164.63. Most market segments are higher. Leaders are financials, utilities, and health care, which are at least +0.02%. Laggards are basic materials, oil and gas, and consumer services, which are down at least -0.76%.
This week, The Euro Stoxx50, FTSE 100, and CAC 40 are down -0.39%, -0.65%, -0.11%, respectively, while the DAX is up +0.10%. Last week, the Euro Stoxx50 and CAC 40 closed down -0.36% and -0.47%, respectively, while the FTSE 100 and DAX closed up +0.61% and +0.50%. In May, the FTSE 100 and DAX are up +0.46% and +0.37%, respectively, while the Euro Stoxx50 and CAC 40 are down -1.19% and -0.81%, respectively. In April, the Euro Stoxx50, FTSE 100, CAC 40, and DAX closed up +1.16%, +2.75%, +2.18%, and +0.50%, respectively.
In 2014, the indexes are higher. The Euro Stoxx50, FTSE 100, CAC 40, and DAX are up +1.66%, +0.92%, +3.61%, and +0.91%, respectively. In 2013, the indexes closed up +18.0%, +14.4%, +18.0%, and +25.5%, respectively.
1Q2014 SPX Earnings. Of 469 (of 499) reporting companies, 352 or 75.4% surprised positively on earnings, with an average +6.07% surprise average. Of reporting companies, 248 or 53.2% reported sales or revenues above estimates. The average sales/revenue surprise is +0.20%. Energy leads with respective +10.0% and -1.01% earnings and revenue surprises. Financials have a respective +5.63% and +0.03% earnings and revenue surprises. Consumer staples lags with respective +0.16% and -0.74% earnings and revenue surprises.
Valuation. The SPX trades at 17.1x estimated 2013 earnings ($110.15), 16.0x estimated 2014 earnings ($117.96), 14.4x estimated 2015 earnings ($131.12), and 13.0x estimated 2016 earnings ($145.49). The 10-year average median price/earnings multiple is 15.9x. Analysts expect 2014, 2015, and 2016 earnings to grow +7.09%, +11.2%, and 11.0%, respectively.
The KBW Bank Index (BKX) trades at 13.1x 2013 adjusted EPS ($5.16), 12.6x estimated 2014 earnings ($5.36), 11.2x estimated 2015 earnings ($6.00), and 10.1x 2016 earnings ($6.70). Analysts expect 2014, 2015, 2016 EPS will grow +3.91%, +12.0%, and +11.7%, respectively.
Composite, index, and equity options. Options markets are unchanged at neutral to bullish, compared to neutral to bullish the prior session. Composite options are bullish, index options are neutral, and equity options are neutral. The composite put/call ratio is 0.78, compared to 0.92 the prior day, and better than 5- and 10-period moving averages of 0.93 and 0.89, respectively. The index put/call ratio is 1.15, compared to 0.89 the prior day, and worse than its 5- and 10-period moving averages of 1.04 and 0.88, respectively. The equity put/call ratio closed the day at 0.68, compared to 0.87 the prior day, and better than its 5- and 10-period moving averages of 0.88 and 0.92, respectively.
NYSE Volume, Breadth Indicators. Volume fell -24.6% to 584.44 million shares, compared to 775.18 million shares the prior day, 0.84x the 698.03 million shares 20-day moving average. Market breadth was positive, and up volume led down volume. Advancing stocks led by +913 (compared to +1,048 the prior day) or 1.86:1. Up volume was 1.76:1 down volume.
"In Correction" Market Outlook and Distribution Day Count. The market outlook remains unchanged at "in correction". On April 4th, the U.S. equity markets distributed, and the market outlook worsened to "in correction", ending a brief "confirmed uptrend" that began on April 1st. The SPX opened April 3rd at a record 1890.90, up +0.99% from the April 1st 1872.34 open. Today, the SPX opens -0.61% above the May 13th record close.
Libor, LOIS, Currencies, Treasuries, Commodities:
· USD LIBOR is 0.08790%, compared to 0.08750% the prior day. USD 3-month LIBOR is 0.22810%, up from 0.22695% the prior day, and compares to the January 4, 2013, recent peak of 0.58250%.
· The US LIBOR-OIS (LOIS) spread is 13.810 bps, compared to 13.395 bps the prior day, and compares to the recent June 12, 2012, 46.785 bps high. Euribor-OIS is 19.200 bps, compared to 19.100 bps the prior day, and down from the December 27, 2011, high of 98.800 bps. Moves in the LOIS indicate changes in intra-bank lending risk premiums.
· The 3-month Euro basis swap is -6.217 bps, compared to -6.192 bps the prior day, up from a trough of -147.00 bps on December 14, 2011, but far better than a normal -10 bps and -40 bps range.
· German 10-year debt yields are 1.35%, compared to 1.34% the prior day.
· Japanese 10-year debt yields are 0.59%, compared to 0.59% the prior day.
· Spanish and Italian 10-year debt yields rose. Spanish 10-year debt yields are 3.05%, compared to 3.01% the prior day. Italian 10-year debt yields are at 3.05%, compared to 3.01% the prior day. Spanish and Italian 10-year debt years peaked at 7.621% and 7.261%, respectively, in July 2012 and November 2011.
· U.S. Treasury yields are lower, with 2- and 10-year maturities yielding 0.343% and 2.539%, respectively, compared to 0.343% and 2.545% Friday. The yield curve narrowed -0.530 bps, with the 2- to 10-year spread at +2.197%, compared to 2.202% the prior day. In the past year, the 2- and 10-year spread varied from a low of +1.429% on May 1, 2013, to a high of +2.648% on December 31, 2013.
· The U.S. dollar is stronger compared to the Euro and Japanese yen, and weaker compared to the British pound. The dollar trades at US$80.051, compared to US$80.126 intraday high and US$79.993 the prior day, and mixed compared to its $79.822 50-day, US$80.175 100-day, and US$80.414 200-day averages. The euro trades at US$1.3698, compared to a US$1.3678 intraday low and US$1.3709 the prior day. The euro trades worse compared to its US$1.3811 50-day and US$1.3739 100-day averages, and compares to a multi-year low of US$1.1877 on June 7, 2010. In Japan, the dollar trades at ¥101.35, compared to ¥101.50 the prior day. The yen trades better than its 50-day moving average ¥102.24, and better than its January 1st 105.31 closing low, its weakest prior multi-year closing low.
· Citigroup Economic Surprise Index improved to +3.00, compared to -2.30 the prior day, better than its recent -45.90 worst on April 7th and its first positive reading since February 18th. The index is better compared to its respective -6.16 5-day and -7.94 10-day moving averages. Last year, on June 10th, the index fell to a then 52-week low of -33.26. The index improved and turned positive on July 30th and rose to 53.30 on October 1st, but subsequently fell on dollar weakness to -2.10 on October 31st. It subsequently strengthened to a +72.70 high on January 15th, but then subsequently trended lower and turned negative on February 19th and fell to a -45.90 124-week low on April 7th . After a lag, the CESIUSD correlates with EPS revisions.
· Commodities prices are mixed, with mixed energy, lower precious metals, higher aluminum and copper, and higher lower agriculture prices.
· The CBOE SPX Volatility Index (VIX) fell -0.16% to 12.42, compared to 12.44 at the prior close. The VIX is -5.37% below the 13.12 20-day moving average. Its 30-day high is 17.85. Its 30-day low is 11.88. The index's all-time closing low is 9.31 on December 22, 1993. The long-term average is 20.14.
· The Euro Stoxx 50 volatility index (V2X) is 16.03, up +0.59% compared to 15.93 at the prior day's close. The V2X index trades -6.36% below its 17.11 20-day moving average, -21.5% below the 20.43 30-day high, and +4.86% above the 15.28 30-day low.
· The Hang Seng volatility index (VHSI) closed at 14.74, down -4.10% compared to 15.37 at the prior close. The VHSI index trades -2.62% below its 15.14 20-day moving average. Its lowest historical close was 11.72, on June 30, 2005.
· CBOE SKEW (SKEW) rose +0.75% to 128.18, compared to 127.23 the prior session, above a neutral reading (115-120), but below 130, a level that correlates well with short-term market tops. The recent record high was 143.20 on December 20th. Its recent low was 112.47 on May 25, 2013. Spikes in excess of 130 correlate well with short-term market tops, though not in October or November. The index rarely falls below 110, last on July 31, 2009. The index correlates with market tail risks, the cost of buying out-of-the-money, long-dated options, i.e., options not affected by expirations. A rise suggests that investors are buying more puts than calls, a bearish signal.
U.S. Economic Reporting and News:
Overseas Economic Reporting and News:
- Japan - March final leading index was 107.1, compared to 106.5 prior. April final YoY machine tool orders rose 48.7%, compared to 48.8 prior.
- Italy - March MoM industrial sales rose +0.3%, compared to -1.4% revised prior.
Monday's Trade. On lower and below average NYSE volume, major U.S. equity indexes reversed early losses and ended near their intraday highs. The SPX, DJI, Nasdaq, and NYSE composite closed up +0.38%, +0.12%, +0.86%, and +0.15%, respectively. The DJI and Nasdaq are lower in 2014. The SPX and NYSE composite are higher in 2014. Market breadth was positive, with gainers 1.86x losing stocks. Most SPX market segments closed higher. Leaders were technology, health care, and financials, which rose at least +0.54%. Laggards were consumer goods, telecommunications, and utilities, which fell at least -0.09%.
Other notable indexes rallied. The TRAN closed at a record high, though the DJI failed to confirm. The Russell 2000 (RTY) rose +1.04%, and closed -7.80% below its March 4th record close. The Nasdaq Internet Index (QNET) rose +1.55%, but remains in correction, -16.7% below its March 6th closing high. The Nasdaq Biotech Index (NBI) rose +1.45% and is in correction, down -15.2% from its recent February 25th record high.
NYSE volume fell -24.6% to 584.44 million shares, compared to 775.18 million shares the prior day, 0.84x the 698.03 million share 20-day moving average volume. For a 3rd consecutive day, bond markets weakened. The U.S. 10-year yield opened at 2.5187% and trended lower to a late morning 2.4929% intraday low. The yield moved higher by mid-afternoon and ended at the session's 2.5445% intraday high. On the session, the yield rose 2.06 bps to 2.5445%, compared to the 2.5231% prior close.
From its prior day 1888.53 SPX record close, June 2014 SPX futures (SPM4) suggested a modestly higher open. In early trading, the index traded down to a mid-morning 1864.82 intraday low, then improved to breakeven by late morning, where it traded through mid-afternoon. The index rallied strongly in the final hour, to a late session 1878.28 intraday high. The index closed at 1877.86, -0.99% off its May 13th record close. The index closed +74.7% above the 1074.77 October 4, 2011, intraday low, the bottom of the most recent correction.
The DJ Transportation index (TRAN) rose +0.77%, compared to the DJI's +0.12% gain. From its prior 7,845.85 close, the TRAN fell to an early 7,829.16 intraday low, then reversed higher and rallied to a late morning 7,919.24 intraday high. The index traded narrowly to the close. Volume fell -17.9% to 9.518 million shares, compared to 11.587 million shares the prior session, and 0.83x the 15-day moving average volume. The TRAN closed +2.24% and +3.84% above its 20- and 50-day moving averages, and +5.84% and +10.9% above its respective 100- and 200-day moving averages.
Market volatility fell, as the CBOE SPX volatility index (VIX) closed at 12.42, compared to 12.44 at the prior close. The VIX opened at the session's 13.21 intraday high, but reversed lower by late morning, falling to the 12.28 intraday low in early afternoon. The index traded narrowly to the close. The VIX's all-time closing low is 9.31, on December 22, 1993. Its record high is 89.53 in December 2008. Its lifetime average is 20.01. The CBOE put/call SKEW rose +0.75% to 128.18, compared to 127.23 the prior session, above a neutral 115-120 range, but below 130, a level that correlates well with short-term market tops.
The market's technical factors improved, as most indexes (the DJI excepted) recaptured their 20-day moving averages. The SPX relative strength (RSI) improved to 54.20, compared to 51.42 the prior day, in a neutral range and better than an oversold 31.24 on February 3rd. The RSI is also down from an overbought 71.26 on December 31st, when the SPX closed at an earlier record high, but above earlier oversold levels of 35.14 on August 27th and 39.19 on October 9th. Last week, the Nasdaq closed up +0.46%, while the SPX, DJI, and NYSE composite closed down -0.03%, -0.55%, and -0.03%, respectively. The prior week, when the SPX, DJI, and NYSE composite closed up +0.81%, +1.36%, and +0.97%, respectively, while the Nasdaq closed off -0.09%. In May, the SPX and Nasdaq are up +0.06% and +0.27%, while the DJI and NYSE composite are down -0.42% and -0.08%, respectively. In April, the SPX, DJI, and NYSE composite closed up +0.62%, +0.75%, and +0.94%, respectively, while the Nasdaq closed off -2.01%.
In 2014, the SPX and NYSE composite are up +1.99% and +2.10%, respectively, while the DJI and Nasdaq are down -0.39% and -1.22%. In 2013, the SPX, DJI, Nasdaq, and NYSE composite closed up +29.6%, +26.5%, +38.2%, +23.2%, respectively. All closed at least +5.91% higher in 2012.
KBW Bank Index (BKX). On lower and below average volume, the BKX rose +1.03% to 67.50, compared to 66.81 at the prior day's close, its 28th consecutive close below 70.0, -7.42% below its 72.91 March 20th post-2008 closing high, and its lowest close since February 5th. The index gapped lower and set an early 66.60 intraday low, but immediately reversed higher and rose through the session to a late 67.55 intraday high. Volume fell -28.5% to 39.451 million shares, compared to 55.146 million shares the prior day, and 0.90x the 43.897 million share 15-day moving average.
Large cap banks underperformed the regional banks, as the KBW regional banking index (KRX) rose +1.66%.
Last week, the BKX closed down -1.71%, compared to the prior week, when the BKX closed down -0.85%. In May, the BKX is down -1.36%, compared to April, when the BKX closed off -5.34%. In 2014, the BKX is down -2.54%, compared to the SPX's +1.99% gain. In 2013, the BKX rose +35.1%, better than the SPX's +29.6% rise.
The BKX is now +14.0% better than the June 24, 2013, 59.19 close, its worst since May 13, 2013. The index crossed above 50 on December 17, 2012, 60 on May 15, 2013, and 70 on January 8, 2014, but then dropped back below 70 on January 24th, which persisted until March 6th. On April 10th, the BKX fell below 70.00 and then eased consistently to the May 6th 67.13 closing low, its lowest close since early February. The BKX closed +107.3% above the 32.56 intraday low on October 4, 2011, the bottom of that year's correction. Large-cap bank stocks have outperformed the broader market's rebound, with the SPX up +75.4% in the same period.
The BKX index closed -44.2% below its February 20, 2007, record 121.06 high. The BKX is up +262.51% from its 18.62 March 6, 2009, closing low, its low during the 2008-09 financial panic.
Technical indicators improved, as the index recaptured its 200-day moving average. The index closed -1.05% and -3.30% below its respective 20- and 50-day moving averages, and -2.72% and +0.51% below its respective 100- and 200-day moving average. The 20-day moving average fell -7 bps to 68.22. The 69.80 50-day moving average fell -8 bps. Its 100-day moving average fell -1 bp to 69.39, and the 200-day moving average was unchanged at 67.15. The 20-day closed (by -1.59 points) below the 50-day, and the negative gap was ucnahged. The 50-day moving average closed (by +2.65 points) above the 200-day moving average, and the gap narrowed -8 bps. The 100-day moving average closed (by +2.24 points) above the 200-day moving average, and the gap fell -1 bp.
The directional movement indicator improved to -13.895, compared to -21.237 the prior day, its 29th consecutive negative reading. Relative strength rose to 42.86, compared to 37.06 the prior day, in the lower end of a neutral range, up from the recent 32.95 low on February 3rd, but down from an overbought 75.56 and 71.88 on January 9th and 10th, respectively. The recent low RSI level was 31.08 on November 14, 2012, which is also the date of the BKX's 2012 closing low. Next resistance is 67.83; next support is 66.88.
SPX, DJI, RTY, TRAN, CCMP, NYA, VIX, SKEW, NKY, EURUSD, USGG10YR, HSI, SHCOMP, SX5E, CAC, DAX, FTSE, JPY, GBP, EUR