Via Dave Lutz, head of ETFs at JonesTrading, here’s what traders are talking about on Thursday:
Good Morning! US Futures are off small as we kick off one of the busiest days of the year for earnings — Stunned Nasdaq is not outperforming with FB, GRPN and CRUS all on fire early. It’s all red over in Europe, with the DAX down 15bp as the Banks get whacked – DB this AM. Off 3.5% – 2 day losses 6.6%. CS beats, but they hit it for nearly 3% – while those Italian Banks are getting whacked for 3%+ despite a pop in Monte dei Paschi. Industrials are outperforming, and in London, the FTSE is off 20bp despite a big pop in miners with Anglo ripping on #s. In Asia, Nikkei lost 1% into BOJ – Aussie popped 30bp as Miners rallied, while In China, the PBoC fixed the yuan higher while shares were little changed following y’days decline. Most of EM Asia closed higher as the $ get whipped.
10YY up small despite JGB yields just off record lows into BOJ tonight, while UK 10-year bond yields hit record low as consumer confidence collapses and expectations ramp of a BOE Cut next week. The DXY adds to its biggest hit in 2 months, as Euro jumps on better economic sentiment figures and Fed Tightening expectations drop – Fed Funds at 26% chance hike in September, up very slightly from yesterday. Metals are adding to yesterday’s gains – Ore closed 1.5% higher in China and is nearing April highs, while Silver is ripping another 2%+ higher and Gold adds another 1%. Oil dives into a fresh bear market, as the 200dma comes into focus as heavy Gasoline stockpiles weigh on the commodity. Natty is off small, while Softs are all marginally higher.
Ahead of us today, we get Advance Goods Trade Balance and Weekly Jobless Claims at 8:30 – Natty Gas Inventory data hits at 10:30, while Kansas City Fed Manf. Activity posts at 11. At 1pm, the US Treasury holds an auction of $28B in 7Y notes.
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