Via Dave Lutz at JonesTrading, here’s a quck guide to what traders are talking about right now:
Good Morning! US Futures off small with a Double dose of Jobs data on tap ahead of NFP tomorrow — Staples shud show a nice bid again, with M&A (WWAV) and earnings (PEP) buoying — While Sammy posts better #s in Korea overnight. Coupled w/ WDC, shud have a nice bid across Tech this AM. Kinda a “Dead Cat” bounce in Europe tho, with the DAX only up 80bp (Still down 3% for the week) in very light trade. Banks recovering slightly, but eyes on DB and that Italian Bank Index struggling to stay green — while Fins, Builders, and Commodity companies helping FTSE 100 and 250 advance 1.2%. Over in Asia, Nikkei lost 70bp as exporters struggled – Kospi and Hang Seng close 1% higher — China lost small despite better Reserve data, while Aussie popped 65bp as a governing coalition is sighted.
Some reversal of haven action, with both Bund and Treasury yields up very small, while Gold is retreating quickly after 6days of gains. The DXY is under pressure, as Sterling rebounds from 31year lows – Yen rallies despite headers Japan’s BoJ/MFS/FSA will meet overnight “to discuss financial markets” — and the Aussie $ shrugged off a S&P Outlook downgrade to reverse higher. Metals are all red as China Iron Ore Port Inventories Reach 18-Month Highs — and Silver continues its reversal from the recent spike higher. WTI is up 1% tho, as API showed a draw of 6.7mln (Street looking for 2.5mm) — and Gasoline bouncing 2% as inventories saw a huge draw-down (3.6mm) — While Natty is adding small ahead of inventory data. Softs are mixed, with Corn rebounding 1%, while beans are all under pressure again.
Ahead of us today, at 8:30 we get Challenger Job Cuts and ECB Minutes, ahead of the release of ADP Employment Change at 8:15. 8:30 brings Weekly Jobless Claims, and at 10am UK’s NIESR GDP Estimate. Attention then turns to the Energy patch, as we get Natty Gas Inventory data at 10:30, followed by that DOE data for Crude at 11. Down in Washington, FBI Director James Comey appears before House Oversight Committee at 10am, and At 2pm, House Science, Space, and Technology Committee works on a markup of Solar Fuels Innovation Act and Electricity Storage Innovation Act.
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