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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