What are traders chatting about this morning? Greece sending stocks lower ...

Via Dave Lutz at JonesTrading, here’s what traders are talking about before the market open on Tuesday.

Good Morning! Global Futures are under pressure, thanks to the Greek Circus (Top 6 stories on Bloomberg all Greece this AM — nothing new, but rhetoric from both sides is growing increasingly acrimonious). While the S&P is off 30bp, it continues to outperform its German counterpart, as the DAX drops 1% to 4M+ lows, led by a retreat in Materials and Banks. Volumes are slightly higher than normal, with Euro-Stoxx trading 130% normal. Athens is off 3.5% and resting on Lows, as Banks continue to get destroyed – Athens has lost 13% in 3 sessions. A sea of red over in Asia, as China was under pressure early on IPO concerns ($US1B in deals this week?) — However headlines that the HK-Shenzen Connect Start Date Announcement was delayed caused heavy selling in the afternoon session. Nikkei 225 declined 0.6%, while in Australia the S&P/ASX 200 eased 0.1% — while the KOSPI lost over 1% as MERS concerns continue

The Greek prime minister overnight has publicly insisted that he will not be presenting any new compromise proposals at the Thursday meeting — so we have a sharp bid in Bunds and Treasuries, albeit yields are off their lowest from the overnight. The US 10YY bounced off 2.31%, yesterday’s lows, while the US 30YY nears a 3% test. Greek Debt is getting whacked, with their 10YY out 70bp to Bunds — and the growing prospect of a Grexit intensified the selling of government debt from peripheral nations. The DXY is higher, making gains against Yen and Euro (there was a Sharp drop in German Confidence) — causing a headwind for commodities. All the metals are red, including Gold despite a sharp pickup in Indian Imports. The Crude complex is slightly higher ahead of US inventory data tonight, while a big is developing in all the softs. We get Housing Starts and Permits for May at 8:30am. Only thing scheduled until 4:30 API data.

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