From Dave Lutz, head of ETFs at JonesTrading, here’s a quick guide to what traders are talking about right now:
Good morning! US Futures are climbing 30bp, the latest upswing just sparked by solid #s from BBY. Euro markets are all well bid — with the DAX up 75bp as the Miners are leading markets higher, while Energy stocks keep watching WTI slip lower. Fins across the continent are in a chipper mood, with EU bank Index ripping nearly 2% higher in the overnight. August holiday volumes abound tho, with most exchanges trading 30% light to trend. The FTSE is up 45bp, as a rip higher in the miners is offset by moderate gains in HC and falling Energy shares. Over in Asia, China climbed 15bp, Nikkei lost 60bp as the Yen firmed — while Aussie gained 70bp on the back of solid earnings and a rally in those Fins.
Global Yields are up small, but the DXY is weaker, as Eurozone PMI reaches seven-month high, propelling the common FX, while a firmer yen has the $/Y testing the thermocline under 100 before snapping back. Commodity FX are all higher, led by Kiwi$ popping to a record high as doves were disappointed by comments from their central bank, while Aussie $ jumps in sympathy. Ore jumped 2% in China, but eyes are on Copper under pressure and skittering along the 200dma — while Gold is up very small despite the weaker $. Still no life in WTI as Hopes of OPEC freeze fades into the sunset — WTI off nearly 1%, while Gasoline falls 1.5% early. Softs all weaker across the board.
Ahead of us today, at 9 we get Conference Board China July Leading Economic Index — 9:45 brings Markit US Manufacturing PMI, just before the Bank of England Bond-Buying Operation Results at 9:50. Heavy headline dump at 10, with EU Consumer Confidence, US New Home Sales for July and Richmond Fed rolling. At 1pm the Treasury auctions $26B in 2Y notes. At 4:30 tonight, we get that API data for Crude – A survey by S&P Global Platts forecast crude stocks to increase by 200,000 barrels while gasoline dropped 1.6 million.
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