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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.
- 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.
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