Via Dave Lutz at JonesTrading, here's a super quick guide to what traders are talking about before the market opens on Thursday.
Good Morning! Equity Futures are in rally
mode despite the see-saw nature of Greek headlines. While the S&P
rebounds 50bp early, it’s interesting that the DAX isn’t
outperforming.
German shares are up 50bp led by a 1% pop in Fins, while Telcos in
Europe are all stronger on multiple M&A headlines. Greek market is
basically flat, with Fins adding only 1%. Volumes are very light across
the continent as equity fatigue sets in. Over in Asia, Shanghai
Composite lost 3.4% despite Beijing’s announcement that it would scrap
the country’s limit on bank lending – ChiNext was hit for over 5%.
Nikkei retreated small from 18Y highs - Aussie lost 1% as Banks
retreated and several mineral stocks got pummeled, while the KOPI was an
outperformer as heavy stimulus was announced
The US 10YY is up small, following German
yields 3bp advance as we await Greek Headlines + 2 Fed Speakers. PIIGS
debt is all meandering around unchanged – as is the Euro. The DXY has
leapt to test y’day peaks in the overnight, but was rejected yet again
from that 50dma. There continues to be weakness in the “growth”
commodities, with Silver and Copper off 50bp+, while WTI is off 50bp.
The Softs are mixed, with Corn and Wheat off small ahead of key data
next week. Scheduled Catalysts today include Fed Governor Daniel Tarullo
speaking on economy at 8; Weekly claims + Personal Income and spending
at 8:30, Fed’s Powell at 8:45; the Markit US Composite PMI at 9:45;
Natty gas Inventories hit at 10:30 – KC Fed at 11, and we have a $29B 7Y
Auction at 1.
We also have the Supremes Today - The
first of seven rulings will come at 10 a.m. Washington time Thursday,
with more scheduled for Friday and Monday (Peeps think ACA ruling Fri
and then marriage on Monday).
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