Via Dave Lutz at JonesTrading, here’s a super quick guide to what traders are talking about right now:
Good Morning, and Happy Friday! US Futures are off small, as profit-taking weighs after a solid week in the equity markets and Crude falls 2.5% as Doha expectations are watered down. The Euro markets are all under pressure. With the DAX off 60bp as Energy and Consumer Discretionary weigh, slightly offset by a continued rebound in the Staples. Miners in London are pulling back as Copper falls, and those Fins are seeing some pressure — Volumes across the continent are pacing average. Asia stocks lower for 1st time in 8days, as China posted its weakest growth in seven years, but Industrial output, fixed-asset investment and retail sales all rise more than expected, causing a slight pullback in Shanghai. The Nikkei retreated 40bp, but still posts its best week in 2months, while Aussie gained 80bp, capping its best week in 6 months.
The DXY is under pressure, with Euro approaching yesterday 1.13 peak, and Asian currencies see some upward Mojo. The Yen is popping FAST, driving the $/Y under 1.09 and testing yesterday’s floor, while the Australian dollar touched a new nine-month high overnight. Bund and Treasury yields are falling as JGB 10’s had a record low close under -11bp. Commodities are mostly weaker tho, with Copper off 1% as it digests its biggest weekly gain in over a month — while Gold is enjoying the tailwinds of that $ drop, climbing 50bp. Oil under pressure into Doha on Sunday – WTI still up 2% for the week. CFTC data at 3:30 to see what those shorts have done. Refined products in the USA are looking quite heavy tho, with Gasoline dropping 3% early.
Ahead of us today, we have US Industrial Production at 9:15, followed by U. of Mich. Sentiment at 10. Fed’s Evans, the biggest FOMC Dove (but non-voter) speaks on Economy and Policy in Washington at 12:30, just before that Baker Hughes Rig Count at 1. We get the CFTC “Commitment of Traders” data at 3:30. Down in Washington, Speaker Ryan convenes House GOP meeting on Puerto Rico debt crisis — while the full house meets at 9am, set to consider a bill that would prevent FCC from establishing or reviewing the reasonableness of the amount charged for delivery of broadband Internet service.
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