Here’s a brief guide to what traders are talking about right now, via Dave Lutz, head of ETFs at JonesTrading:
Good Morning! US Futures are testing fresh all-time highs, with the Spoos adding 20bp early as we await the end of Earnings season this week. Over in Europe, a sea of Green as the DAX turns positive for 2016, climbing 40bp as the Autos are leading across Europe and Fins add small. London is adding 30bp, with rallies in staples and HC outweighing a drop in those Miners overnight. Volumes are terrible, with most exchanges trading 40-50% below trend as peeps celebrate Assumption day across Europe. Asian shares hold near a one-year high – Chinese stocks hit seven-month high on fresh stimulus hopes, leaping 2.5% led by brokers on hopes of a launch of the Shenzhen-Hong Kong Stock Connect, while Aussie gained 20bp as earnings down under gathered steam. Nikkei lost 30bp in very light trade, while EM Mixed, with Thai stronger on GDP, while Indonesia lost 1.1% on weak trade data
We have a Fresh record low in Gilts, but US and German Yields are relatively unchanged in light trade. The $/Y smashed below 101 this AM on Weak Japan GDP, while the Pound slips to three-year low against the euro. Commod Currencies jumping, led by Rubles, Pesos and Rands — keeping the DXY basket under water. Despite Ore dropping to a 6week low in China, most metals are higher, led by a 1% pop in Silver, while Copper pops 30bp early. Oil is climbing to four-week high on more OPEC Chatter, with WTI adding 50bp. Natty Gas and Gasoline remain under decent pressure tho, both losing nearly 1%. Softs are strong, led by 1%+ pops in Soy and Corn
Ahead of us today, we get Credit card charge-offs/delinquencies (AXP, BAC, C, COF, DFS, JPM, SYF) throughout the session — at 8:30 we get Empire Manufacturing, followed at 9 by Canadian Existing Home Sales. At 10 we get the US NAHB Housing Market Index, then things go quiet until the 4pm release of Total Net TIC Flows from the US Treasury. Throughout the session, we get a slew of 13Fs as they are due by tonight, and Retail still in focus this week: HD Tues, TGT Weds, WMT and LOW Thurs.
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