Dave Lutz of JonesTrading has the top topics about which traders are discussing Thursday.
US Futures are charging forward by 20bp early (but Russell read AGAIN) – Doves are bidding up Europe as Draghi and Kuroda board Gulfstreams to Wyoming (Agenda released tonight, ahead of Janet tomorrow at 10amET) — The DAX is up 25bp as EU PMI light, but not terrible – Germany and France were OK, suggesting the periphery weakened (PIIGS Markets jumping) — Volumes remain awful as no one making heavy bets in Jackson Hole and August Vacations take hold. Thinks remain quiet in Ukraine ahead of Putin’s meeting next week, Russia on it’s longest winning streak in 9 years right now (but they closed more MCD’s) – Over in Asia, the Nikkei jumped as the Yen is breaking down quickly — while China Flash PMI comes in light, halting that Rally. Insurer Numbers are buoying Aussie as Materials get hit on Gold drop.
US Yields are up very slightly, while German 10’s are trying to hold above 1% – 2Y German paper still negative. The DXY is nearing 1Y highs, causing a major headwind for commodities. Gold has broken the 200dma as near 2M lows despite Gaza talks collapsing — while Weaker China data weighing on Industrial Commodities — Copper, Nickel and Lead all giving back some of yesterday’s gains. US Natty gas is jumping into Storage #s (Chatter LNG pickup in Asia, as well as drop in EU inventories), while the Oil complex is under pressure, with Brent nearing a test of recent lows. Scheduled Catalysts today include Weekly Claims at 8:30 — 9:45 brings Markit PMI, at 10 we get Philadelphia Fed; Leading Index; Existing Home Sales for July in the USA, and Consumer Confidence in EuroLand. The week’s largest POMO is at 11 — and Thursday night we will get the release of the Jackson Hole Speeches and Agenda at 8 p.m. (according to WSJ)
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