Good morning. Via Dave Lutz at JonesTrading, here’s a super quick guide to what traders are talking about this morning.
Morning! US Futures are retreating, led by a 50bp drop in the Russell, nearly a double from S&Ps early losses — so let’s watch today to see if that trend continues. Markets across the Atlantic are mixed, with EuroStoxx up small (Fins/Discretionary outperforming), while the FTSE and DAX are both red — weighed down primarily from a retreat in Materials stocks. Over in Asia, A surprise rate cut by India’s central bank propelled Mumbai stocks to a record high before sellers knocked the Sensex red into the close; Shanghai added 50bp, rebounding from yesterday’s 2%+ slide; Aussie fell 50bp as GDP data disappointed, and Nikkei was down 60bp as the Yen rallied.
In Credit, US Yields are mostly flat, with the 10YY hovering around 2.12% – while German Bunds are up 1bp as investors prepare for the European Central Bank to provide technical details of its €60bn-a-month asset purchase program tomorrow. Euro PMI data disappointed (breaking a string of upside economic data in Europe), propelling the DXY to fresh 11Y highs. This is a headwind for Gold, but it continues to hang over $US1200 and is climbing off lows. Industrial metals continue to show little life into the China Growth Target headlines later this week. The Oil Complex is mixed, with WTI popping (only) 60bp as API build data came in lighter than feared (and Cushing build light of Genscape’s estimate) — while Brent is under pressure, nearing off 80bp.
We Kick off Employment data today with the ADP release at 8:15, ahead of NFP this Friday; Fed’s Evans Speaks on Economy and Monetary Policy in Illinois at 9; Markit US Services PMI at 9:45 — but at 10am we get the Canadian rate Decision (possibly less dovish after yesterday’s GDP Print is the chatter), and in the US we have ISM Services and the Online Help Wanted Index. At 10:30 energy players will be focused on the DOE data (Platts survey looking for 3.7M Build, and Genscape estimating 1.2 at Cushing). Just after lunch we get slammed with heavy Fed headlines: Fed’s George Speaks on the Economy in Kansas City at 1; The Fed Releases Beige Book at 2, along with Treasury Sec Lew testifying to House Appropriations Committee on budget. Afer the close tonight Fed’s Fisher Speaks at Community Forum in El Paso, Texas around 5pmET.
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