Via Dave Lutz, head of ETFs at JonesTrading, here’s a super-quick guide to what traders are talking about right now:
Good Morning! US Futures are retreating 30bp right now, as falling commodities outweigh M&A Headers (PFE for MDVN; ChinaChem gets SYT approval). Over in Europe, all major exchanges firmly in the red — led by the DAX dropping nearly 1%. Miners under pressure on falling metal prices and Tech retreating from the recent pop, but EU banks continue to outperform tho, which has the periphery nearing unchanged. FTSE is off 50bp as those miners get clubbed in London. Volumes light tho, with most exchanges trading 20-30% light to trend. Quiet overnight in Asia, China dropped 80bp, with Shenzen off 1.3% on profit-taking – Aussie lost 20bp as banks retreated, while Nikkei managed a 30bp rally as the Yen fell.
Thanks to Vice Chair Stanley Fischer’s hawkish comments last night, US Yields are all higher, with that “Policy Sensitive” 2YY hitting 2month highs and nearing the 200dma into Jackson Hole later this week. The DXY is stronger, weighing on the commodity complex — with Base Metals getting whacked despite Ore higher in China — Silver, Nickel and Copper all off 1%+ while the stringer greenback hits Gold for 50bp. The Oil complex is getting whacked for nearly 3% tho on headers of a Nigeria Cease-Fire and a ramp Iraq exports. Natty is jumping 2% tho as cooler weather grips the north-east. Sorts are mostly weaker, with corn and Wheat falling nearly 1% early.
Ahead of us today, we get the Chicago Fed Nat Activity Index at 8:30 — the ECB Publishes Weekly QE Data at 9:30 — while the results of the BOE’s latest bond-buying operation occur around 9:50. At 11, German Chancellor Merkel, French President Hollande and Italian Prime Minister Renzi hold a presser — while at 2pm we get the Brazil Trade Balance. At 2:30 today the Spot WTI Contract Rolls. Big focus overnight as Kuroda Speaks at BOJ’s Fintech Conference
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