JonesTrading’s Dave Lutz has a roundup of what traders are talking about right now:
Good Morning, and Happy Friday. Global Futures are ticking higher, despite Ukraine – Putin made comments applauding the recent gains for the rebels after NATO claimed Russia has ‘well over 1,000 troops’ in Ukraine. Micex, which lost 1.7% yesterday, is down another 50bp+, Ruble on all-time lows. Ahead of the 3day weekend in the States, it’s no shock volumes are pacing light, as we wrap up the month of August. The sound of printing presses has the doves excited — with S&P marked up 25bp early — overnight we had a Slew of data suggesting Abenomics is failing to gain traction, while EU data showed price growth falling to its weakest in five years. In Asia, the Nikkei fell small before the data dump, while Shanghai bounced from the recent IPO fundraising weakness. Hong Kong was held back by weakness in casino Stocks (Macau Strike concerns). Easing Tensions in Pakistan help the Sensex pop, while Aussie closed flat despite the Ore Miners getting hit again overnight. Watch the EU Airliners as Iceland closes airspace and raised its aviation warning level to red as the Bardarbunga volcano erupted overnight.
The 10YY is unch, as we continue to have Europe flooding toward credit on deflation concerns. EU’s benchmark lending rate (EONIA) closed negative for the first time ever yesterday, but FX players said no cause for alarm (yet) — EUR is gaining small against $US. The Yen is breaking down as data came in quite weak in Japan – We continue to see money moving into EEM as Emerging-market stocks head for the longest streak of monthly gains since 2005. Looking at commodities, WTI Oil is set for First Weekly Gain in Six, While Natty slides off post-expiry. Keep an eye on Gold, it’s resting right on the 200dma — Copper is up 50bp, but she’s your worst performing metal over the last week. Keep an eye on AG — specifically the Grains. Wheat in rally mode again — big short out there. At some point, NATO is holding an emergency summit today on Ukraine — other scheduled Catalysts today include Personal Income at 8:30, ISM Milwaukee at 9 — at 9:45 we get Chicago Purchasing Manager (Available 9:42 for $US$$) — at 9:55 we have Univ. of Michigan Confidence. There is NO POMO at 11, and we get the Baker Hughes Rig Count at 1. Not sure if “Commitment of Traders” data will be published at 3:30 as normal.
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