Via Dave Lutz at JonesTrading, here’s a super quick guide to what traders are talking about right now:
Good Morning! Macro > Micro early as the Spoos rally 20bp despite MSFT and GOOG whacks as Kuroda eyeballs more stimulus. Sea o’ red in Europe, as the DAX drops 15bp in average volume — While Autos weak in Germany on Daimler emission concerns, Banks are bucking the selloff across Europe, as Italian and Spain stocks fly on Consob Headers. London is getting hit worse, with the FTSE off 80bp, led lower by miners. Over in Asia, China gained small, but their stocks suffer the worst weekly hit in 3months. Nikkei closed up 1.2% as Banks shot higher amid reports the Bank of Japan is eyeing up a negative rate loan program. Aussie retreated 70bp – Miners under pressure as BHP Billiton’s head of Australian operations that the recent rally in the iron ore price may have run its course.
The US 10YY continues its ascent — adding small as JGB’s retreat from record low yields overnight, with ears on chatter of Sovereign selling the in Treasury complex coming from Asia or the Middie East. The DXY remains above yesterday’s highs, as Sterling reverses against Euro, hitting the common currency across the board, and rate chatter whacking the Yen toward April lows into the BoJ next week. WTI is green, but well off the best of overnight which saw the complex 1.5% higher — Silver is rebounding from yesterday’s late-day selloff, even though the $ is higher — as Ore popped another 3% in China, capping a near 20% rally this week. Steel Rebar was hit as Shanghai hiked transaction fees to cool the ascent. Softs are seeing profit-taking across the board.
Quiet day of Catalysts this Friday — We have Markit US Manufacturing PMI at 9:45. The street will debate lunch for the next few hours, then we get that Baker Hughes Rig Count at 1pm. 3:30 brings us that “Commitment of Traders” data from the CFTC. Not sure what’s scheduled in DC today — but I’m thinking w/ Obama in the UK and good weather on the docket, Reagan National will be full of Politicos bolting early for the weekend.