Via Dave Lutz at JonesTrading, here’s a quick guide to what traders are talking about before the opening bell:
Good Morning! US Futures are breaking due north, with the S&P gaining 50bp, shrugging off weakness in IBM and NFLX post #s. This mirrors broad strength overseas, where the DAX gains 2.3% to three-month highs on the back of positive corporate results and a rebound in oil — Staples, Discretionary and Tech all leading to upside. FTSE is lagging, as a pullback in Oil majors weigh — Volumes across the continent are quite strong, with most exchanges trading 25%+ over normal trends. Over in Asia, Japan leapt 3.6%, rebounding from the sharp smackdown Monday – Korea’s Kospi was flat as their central bank stood pat on rates – Resource stocks propelled Sydney 1% higher to 3month highs, while China/HK saw strength in banks while autos outperform on rising profits.
The US 10YY remains near yesterday’s peaks, despite JGBs nearing another record close. The Euro is jumping against the $ as German economic sentiment hits four month high, while Sterling jumps on Brexit poll showing “remain” ahead. The Aussie dollar hits 10-month high as minutes from RBA spark hawks, while Speculation the BOJ may boost stimulus to combat economic fallout from the quake weakened the yen for a second day. With the weaker $, we have a bid under commodities – Silver rallies to 10-month high as the metal breaks out of a multimonth trading range, dragging Gold along for the ride — Brent and WTI jump nearly 2%, breaking above pre-Doha levels as the Kuwait strike remains in force, knocking their production sharply. Natty Gas is popping 2.2% as it approaches another crack above $2.
Ahead of us today, we get Housing Starts for March at 8:30. Aussie Central Bank GovernorStevens speaks at 9:30 — at 10 the U.S. Senate Natural Resources Cmte holds hearing on oil, gas development — while BOE Governor Mark Carney Speaks in Parliament in London at 10:30. Tonight after the close we get that API data for Crude — Guesstimates are for a build of 3mln barrels right now. It’s pretty quiet in DC today, with President Obama departing the White House for trip to Saudi Arabia, Europe, while New York State holds their presidential Primary…
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