Good morning. Dave Lutz of Stifel, Nicolaus passes along the hot topics he’s talking about with traders right now.
We summarize them in bullets:
- Risk nowhere. Some negativity associated with the French downgrade. Some optimism associated with Greece getting a deal soon.
- Bernanke speaking today.
- Bank of Japan were on hold last night.
- France gets “serious blow” by losing AAA-rating.
- Troika says Portugal on track.
- More death of the cult of equity. Now UK pension funds holding more bonds than stocks.
Mike Block of Phoenix Partners has more:
HPQ is a gong show but why are we surprised?
Consumer still the leader here, let’s see if DE tomorrow is a catalyst for industrials at all.
Eurogroup today, should sign off on next tranche of Greek aid pending individual company approvals for payments to be made next month. Greece will still need more restructuring after that.
French 2s still yield under 12 bps. What am I missing?
Hillary goes to Israel. This remains a mess and we may see it affect Syria, etc.
For more on what’s going on today, see 10 Things You Need To Know Before The Opening Bell >
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