US Closing Report 12 Apr 2018

US cash equity markets are broadly higher at the closing bell amid further indications that US President Trump will take a more measures approach to Syria (DJIA +1.2%, S&P +0.8%, NASDAQ +1.0%).

US Closing Report (by Sigma Squawk)

He tweeted earlier today that an attack could happen “very soon or not so soon at all”. Investors also welcomed news that Trump has asked his administrations to study the possibility of re-entering the trade pact negotiations for the Trans-Pacific Partnership. 

Stocks did wobble slightly this afternoon after a CNBC sources story suggested the US where considering striking eight potential targets. US officials have already arrived at the White House for a meeting on Syria and we should get some details later today. 

Both US government bond yields and the Dollar are higher for the day as they continue to derive support from yesterday’s FOMC minutes. There was not much reaction to the US $13.0 Bln 30-year bond auction which stopped through around 0.2 basis points. 

Elsewhere in FX, Sterling remains the outperformer while the perceived safe-haven currencies (Japanese Yen and Swiss Franc) are at the bottom of the G10 pile. US crude oil futures settled at $67.07 (+$0.25).

Key Headlines/Data:

* Trump directs Lighthizer, Kudlow to study re-entering TPP (Marketwatch)
– One year after withdrawing the U.S. from the Trans-Pacific Partnership, President Donald Trump has asked his top economic advisers to study the possibility of re-entering the trade pact negotiations.

* @realDonaldTrump – I have agreed with the historically cooperative, disciplined approach that we have engaged in with Robert Mueller (Unlike the Clintons!). I have full confidence in Ty Cobb, my Special Counsel, and have been fully advised throughout each phase of this process.

* US President Trump said China are negotiating with the US over trade very hard and very long. He added that je think negotiations will lead to lower barriers and lower tariffs.

* Trump said they will have a meeting on Syria today, adding that decisions will be made soon.

* US official said samples taken from victims of the Syrian chemical attack confirm presence of nerve agent and chlorine.

* US Defence Secretary Mattis said they have not made any decision to launch military attacks in Syria.

* Russian UN Ambassador said the US and its allies need to refrain from military actions against Syria, warning of the danger of war. When asked whether he meant ‘war’ between the US and Russia, he said they cannot exclude any possibility.

* CNBC: A source, who spoke on the condition of anonymity, told CNBC the U.S. was considering striking eight potential targets. Those targets include two Syrian airfields, a research centre and a chemical weapons facility.

* UK PM May’s office said her cabinet agreed the UK should continue to work with the US and France to coordinate a response to the Syrian chemical attack.

* Saudi Arabia was forced to intercept a ballistic missile over Jazan.

* Italian Norther League leader Salvini said the centre-right coalition wants to govern united, with a PM chosen by the League. Forza Italia leader Berlusconi later called Salvini ‘our leader’

* US sells $13.0 Bln of 30-Year Bonds:
– Bid to Cover: 2.41, previous 2.38
– Indirect Bidders: 61.0%, previous 58.0%
– Direct Bidders: 14.6%, previous 14.8%
– Yield: 3.044% (WI: 3.046%)

* US crude oil futures settled at $67.07 (+$0.25) | Brent crude futures settled at $72.02 (-$0.04).

* Mexican Central Bank left their benchmark rate unchanged at 7.50%



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