Daily Note

 

38.1952

This installation, drawn by Ad Reinhardt and Mark Rothko, focuses specifically on the fertile years between the late 1940s and the early 1960s, during which each artist identified the style and format that would engage him for the rest of his career. Reinhardt’s and Rothko’s ideas about form and color challenged and reconsidered European artistic traditions and philosophies, giving rise to a unique American sensibility in art in general, and particularly in painting. Their paintings were characterized not by the grand, expressive gestures and brushwork of their Abstract Expressionist colleagues, including Jackson Pollock and Willem de Kooning, but rather by subtleties in color, form, and composition.

DailyNote_V1_I9

In European Equity Markets the pan-European Stoxx 600 ended Tuesday flat with a number of sectors trading in positive territory. Most positive sentiment was partially driven by corporate earnings. Straumann was among the top-performing stocks, after reporting an organic sales growth of about 20 percent for the first time in 10 years. RWE ended higher by 3.6 percent after the German firm announced that it still planned to increase its dividend for the 2018 fiscal year. Antofagasta, on the other hand, fell to the bottom of the European benchmark, down by more than 6.4 percent.


In Currency Markets the euro recovered on Tuesday from earlier losses linked to the decline of the Turkish lira, but investors said the exposure of European banks to Turkey would continue to trouble the single currency. The lira has lost more than 40 percent of its value against the dollar this year, hit by worries over President Tayyip Erdogan’s calls for lower interest rates and fraying ties with the United States. On Tuesday, however, the lira recovered some ground, trading at 6.60 to the dollar, up around 5 percent on the day, after having fallen to an all-time low of 7.24 on Monday.


In Commodities Markets oil prices rose more than 1 percent on Tuesday, tracking the stock market higher after a rise in Turkey’s lira quelled fears of emerging market weakness and as market participants focused on lower crude supply from Saudi Arabia and Iran. Brent crude futures for October delivery rose 74 cents to $73.35 a barrel. U.S. West Texas Intermediate (WTI) crude futures rose 70 cents to $67.90 a barrel. American Petroleum Institute data is due to be released later today, analysts expecting a decline in inventories.


In US Equity Markets stock indexes rose on Tuesday as upbeat quarterly reports from a clutch of companies boosted earnings optimism and bank stocks rebounded after Turkey’s currency snapped its three-week slide. The S&P 500 was up 0.29 percent, at 2,830.15 and the Nasdaq Composite was 0.15 percent, at 7,831.20. All 11 major S&P sectors were trading higher. Technology sector rose, led by 1.9 percent gain in shares of Nvidia after the chip-maker rolled out its newest generation of chip technology.


In Bond Markets U.S. Treasury yields edged higher on Tuesday, tracking the European bond market, as global sentiment improved after equities worldwide stabilized and the Turkish lira came off its recent lows. U.S. yields also rose for a second straight session after falling to four-week lows early on Monday. U.S. 10-year yields were up at 2.884 percent, from 2.877 percent late on Monday. U.S. 30-year yields were also slightly higher at 3.048 percent from Monday’s 3.045 percent. U.S. 2-year yields inched up to 2.628 percent.


-R.W.N II

Screenshot 2017-12-13 09.19.02IFogo

 

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.