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Michael Block of Phoenix Partner Group sends us the rundown of the hot buzz on trading desks today.We summarize and bullet his observations:
- Spain is still dithering on asking for aid, but for now the country is still able to borrow in the market. The big date for Spain is September 28, when we get the Spanish bank audit and the national budget.
- China has now had its biggest two-day drop since March.
- Housing numbers in China were weak.
- The first Presidential debate is October 3, but the campaign is already looking like a disaster.
- Lots of Fed speakers today. Evans, Dudley, and Lacker.
- Is this selloff a pause on the way to new highs, or is this Spanish water torture?
- Yesterday’s empire Fed manufacturing survey: Terrible.
- German investor sentiment getting less bad.
- Big day for Europe is Thursday: Lots of data coming out, including Flash PMIs.
- NAHB homebuilder sentiment coming out today will help confirm whether Goldman’s big bullish call on homebuilders is on track.
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