From Dave Lutz of Stifel, Nicolaus, here’s an ultra-quick guide to what traders are talking about this morning.
Morning – Welcome to April Fool’s Day – Overseas Markets are closed – EU, UK, Aussie and Hong Kong. FX Markets are still open in thinner trading – Futures are mixed in the US right now. The Nikkei got hit on a weaker Tankan survey, but optimism is high into this week’s BOJ meeting. While Shanghai composite was basically unchanged, China’s Property developers rallied as housing measures over the weekend were not as severe as feared.
With no flows from EU, 10Y is reversing last week’s Pension bid, with Yields up 3bp. The DXY is under pressure, as the Yen has a big to it, and the € is trying to rally back toward the 200dma. Most commodities are under pressure tho, due to weaker than expected PMI data in Asia (Specifically China and India) – Copper off 1.4%, despite disruption at Coldeco’s Chile mine. Oil is retreating as well, but seems mostly WTI relative to Brent as the XOM spill threatens increased rhetoric against Keystone XL.
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