Dave Lutz of JonesTrading has the top topics about which traders are talking about today:
Good Morning! Equity Futures are starting on the back foot, but have been rallying from session lows as US traders get into the office. Fed, Scottish Referendum, Alibaba all adding to the angst building early this week — but the focus right now is on weaker growth — China’s factory output comes in very light and OECD Cuts Growth Forecasts. We will also continue to see BABA fundraising (prob thru tomorrow) as Alibaba is upsizing the deal and Closing books for US Investors Tuesday, and EU/Asia Wednesday. The FTSE is under slight pressure in light volume as polls this weekend show a race too close to call in Scotland. The DAX is gaining 20bp as their consumer stocks outperform, while Spain remains under pressure. Quiet session in Asia, as Japan was closed while Shanghai rallied on dovish hopes. The Aussie $US weighed on Aussie’s equity market — Miners outperformed but Fins and Industrials hit sharply. Overall Emerging Markets look to be setting their 6th straight day of losses.
The US 10YY is slightly lower, and German 10’s are off 2bp and near session lows. Flows continue into the Greenback, as the Rouble is at a record low as tensions linger, Sweden’s krona at a 2Y low after an inconclusive general election, GBP is weaker on Scotland and Euro is rolling to test recent lows. Gold is showing a bit of a bounce after last week’s weakness — but the Oil complex remains under sharp pressure on global growth angst – Brent 2Y Lows into contract expiry and WTI was off 1.6% earlier this AM. Zero bounce in the Grains, with both Corn and Wheat under sharp pressure again — What has lost 7% in the last week. Scheduled Catalysts today include Empire Manufacturing at 8:30, Canadian Home Sales at 9, US Industrial Production at 9:15, and a $US1B POMO at 11.
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