Via Dave Lutz at JonesTrading, here’s a super-quick guide to what traders are talking about right now:
Good Morning! US Futures are under some pressure despite a $62Bln deal on the tape (Bayer for MON), losing 20bp as weaker PMIs abroad spark angst — It’s pretty much a sea of red across Europe, with the DAX off 70bp as HC (Bayer) leads losses, and banks reversing earlier strength to trade lower. The FTSE is off 34bp only tho, despite weakness in the Miners. Volumes are pacing relatively light across the continent. Over in Asia, Nikkei lost 50bp as exports plunged, but that smallcap Mothers index jumped 3.5% – Aussie was hit for 60bp as Miners were clubbed for 2%+ – while Shanghai climbed 60bp, bucking weakness in the region as Regulators rejected 2 IPOs on Friday. Most Emerging Markets were able to trade higher in Asia.
The DXY is retreating slightly from highs, despite the Euro under pressure as purchasing managers’ surveys point to a slowdown in second quarter GDP. Treasury yields are slightly lower as market expectations of June rise have edged back down to 28%, while the Yen is jumping again as G-7 meetings provided no antidote to slow growth in the region. Despite the weaker $, metals are getting hit across the board – Ore dropped 5.4% overnight in Dalain, dragging the entire complex lower with Silver off 1% and gold just behind. Natty Gas continues to rebound over $2, but WTI under pressure as Iran throws cold water on Production Freeze hopes. Softs are weak, led by 1% drops in Wheat and Soy early.
It’s a Holiday today in Canada with Fin markets closed (Victoria Day) — at 8pm we get Fed’s Williams (Neutral, Non-Voter) speaking in New York — we get the US Markit US Manufacturing PMI at 9:45, and EU Consumer Confidence at 10. Tonight at 6:30, Fed’s Harker (Neutral, Non-Voter) Speaks on Economic Outlook in Philadelphia. Quiet in Washington today with Obama in Asia, at 9:30 the Supreme Court issues orders, including list of new cases; at 10am, court issues opinions; Major outstanding rulings include cases on: Puerto Rican debt, affirmative action, abortion, Obama immigration plan.
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