On Wall Street Trading Desks, Here's What They're Talking About Right Now

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Photo: Wikimedia Commons

Dave Lutz of Stifel, Nicolaus passes along some of what he’s trading about with clients this morning.We summarize:

  • Spanish yields are lower ahead of a big bond sales tomorrow.
  • Crude oil really getting hit.
  • After the BOJ surprised investors by doing more easing, the Nikkei rallied to multi-month highs.
  • Senior Chinese government advisor calls for bond market attack on Japan.
  • Shanghai Composite still near 2000, a level that may be being “defended” by officials.
  • French magazine publishes cartoon mocking Mohammed… France closing 20 embassies.
  • US architecture billings index rises to highest level in 5 months.
  • European markets down… financials off 1%.
  • Germany sells 2-year notes with a positive yield for the first time since June 20.

Michael Block of Phoenix Partners Group also passes along some buzz.

In summary:

  • Spain continues to walk a “tightrope” with respect to asking for aide. Latest chatter is that aid request might come in October.
  • Merkel may push Rajoy harder to ask for aid sooner if tomorrow’s Flash PMI numbers show fresh weakness across Europe.
  • Bank of Japan doing more QE… but it’s been doing this forever, so why think it will help now?
  • Still, any shade of strength today will be attributed to to the Bank of Japan.
  • Ben Bernanke meeting with Senators, behind closed doors.

SEE ALSO: 10 Things you need to know before the opening bell >

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