Here’s what everyone is talking about today, courtesy of Dave Lutz of Stifel, Nicolaus:
Good Morning! US Futures are flat this morning, as we await the ADP employment data ahead of NFP tomorrow in light trading — Nasdaq futures are outperforming slightly, continuing the upward momentum from the Citi conference sparking short-covering yesterday (and AAPL!) — FTSE up 50bp as BOE stands pat – The DAX is up small ahead of the ECB decision at 7:45 (Presser 8:30) sas the EU fins popping almost 1% as Yields in the PIIGS retreat again. Over in Asia, Nikkei was up small as trading closed prior to the BOJ’s decision — no change, but upgraded their economic projections — The Sensex jumped another 2.5% as the new head of the RBI has a cover going in the Rupee and Equities. Still seeing investor angst in Philippines and Indonesia however. Autos leading globally
The US 10YY is hitting a fresh peak near 2.94% ahead of “taper Data”, and a Dove (Williams) sounded more hawkish than ever late yesterday afternoon — The dollar is flat however — torn between strength in € ahead of ECB, and the yen breaching the ¥100 to the dollar level, the first time since late July, before reversing. We have a small rally in Metals, led by a 60bp pop in Copper — and the Oil complex has a decent bid to it as War drums grow louder (but today we will be reading of the heavy obstacles in Congress for approving) — more importantly API data showed a huge drawdown in US supplies ahead of DOE data later this AM — and articles highlighting MEND gearing to attack some facilities in Nigeria.
Bespoke notes the common market axiom on Wall Street that says that investors should sell on Rosh Hashanah and buy on Yom Kippur — Average return over since 2000 is a negative 1.5%