Morning Report : June 11th : By Lawrence Mills

The bulls were back in command y’day on Wall St as positive Greek news ( for now) gave already bullish mkts a further shot in the arm with all 10 SP sectors gaining. The mkt opened with around 100 pt gains thanks to a stronger Europe and the gains were quickly added to as the frustration of recent sessions was let go by the bulls – then with around 30mins left of the European session news filtered through the Germans were willing to aid Greece in return for them playing to the rules – straight away stocks bounced and bounced again straight upto their highs of the day ( DOW + 260) and this is where the mkt held until the final 2 hours where we saw a minor pull back but none the less a great day for the bulls ( all be it on low vol – whats new ? ). The final whistle : +230 pts, Visa leading the gainers, the financial sector as a whole benefiting with MS/GS/JPM/WELLS all at new highs. Now the bulls look ahead¬† to todays data for confirmation of this newly found optimism.
Overnight in Asia a positive session so far with guess what China – NOT in positive – the only laggard for now with IP/retail sales matching ests, over in HK a decent rally of around 1% whilst the 2 stand outs were Tokyo +1.4% despite the Yen’s strong day y’day – Sony leading the advancers whilst down under in Sydney a positive jobs report helped the market to close at 1 week highs – the miners beaten up of late leading the gains.
Gold trades flat overnight in a very tight range after a decent day y’day, copper has losses of around 0.6%. The Oil market is also at the flat line in again a very narrow overnight range, yesterdays weekly inventory report showing larger draws in stock piles than est , the price not really moving on the number as the production data jumped to negate. In the FX markets the RBNZ cut rates last night, the kiwi dumped 170 pts in a heartbeat and trades just off 70, the Aussie has recovered from losses to trade near flat after a decent jobs report whilst the BOE gov Carney’s Mansion House speech pulled up no trees with cable sub 1.55. Today a quiet morning on the data front with a raft of data across the pond later inc Retail sales and jobless claims. Futs are called on the weak side after y’days blow out, Greece remains in focus firmly ( downgraded by S+P). Good luck.