Via Dave Lutz at JonesTrading, here’s a super-quick guide to what traders are talking about right now:
Good Morning! Futures eyeing fresh highs as Earnings rolls (MSFT, MS and ISRG big beats), while the BOE’s Brexit report sparked €500mln of buying in EuroStoxx Futures in one tick. The S&P is up 30bp, chasing the 1.4% rip higher in the DAX. Strength in Autos on VW #s, recovery in Banks help — but Tech is the standout performer in Europe, jumping 3.5%. In London, the FTSE is lagging the move, gaining only 30bp as those Miners get whacked on the continued drop in Ore and the flying greenback. Volumes remain abysmal tho, with Germany trading 30% light and FTSE 50% light to trend. Over in Asia, Shanghai fell 30bp as the PBOC stunned traders by boosting the Renminbi – Aussie added 70bp despite weakness in BHP on #s – Nikkei broke a 6day winning streak, losing 30bp as Nintendo got whacked, but most of EM Asia leapt higher again in the overnight.
Havens under pressure, with Treasury and Bund yields jumping as allocators roll towards Equities. The DXY on 4month highs despite a strong jobs report and BOE headers which have the Pound jumping. Gains in the greenback coming against Euro ahead of the ECB tomorrow as Germany suffers another “failed” auction, Yen as it flies thru $/Y 106 — and Commodity currencies as materials globally fall this week and doves reign in Aussie and New Zealand. Commodities are weaker across the board, with Copper down 1.3% as Ore fell for a 4th day in China — Gold hit as safety trades reverse and the $ weighs — While the Oil complex is off small, following Gasoline lower as API showed another big build in Gas Stockpiles. Softs look basically mixed.
Ahead of us today, we get the Conference Board China June Leading Economic Index at 9 — EU Consumer Confidence data at 10 — and Energy cats will focus on DOE data at 10:30 – API showed a draw of 2.2mm, inline with expectations — Gasoline Stockpiles GREW 800k – Was expected to see a of 750k draw. No Bueno for Crude, Gas, or Refiners. At 2:30 WTI expiry on Settlement. After the close, we get numbers from EBAY, FFIV, INTC, QCOM and AXP.
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