Via Dave Lutz at JonesTrading, here's a quick guide to what traders are talking about this morning. US Futures are under some pressure this AM, with the S&P off 40bp early, following decent weakness overseas as European shares digest their biggest weekly gain in two months. The DAX is off 1%, with all sectors but basis resources are down – with the Miners acting well in London. Weakness is being led by Industrials and Financials in Frankfurt, as the always cheery Schäuble talks Bubbles in Financial markets. Very Tentative over in Asia, as Investors are firmly focused on the US and Japanese rate decisions next week – China was flat, recovering from early losses, as traders await a batch of data over the weekend from Beijing; Nikkei was off small, but South Korea lost 1.1% as the BoK decided against easing rates. Singapore’s market was shut for the general election. “Sell Rosh Hashanah” (Sunday) combined with week 38 seasonality (worst of year since 1950), and Friday Seasonality (lower 11 of last 15, worst day in 2015) will be on Traders’ minds today in the USA. The US 10YY is retreating, dropping a few bp, but there is a strong bid in Bunds – driving Germany’s 10YY toward week’s lows (that would be 2.12% for US equivalent). Fed Funds showing a 28% chance of liftoff next week, but those “policy sensitive” 2YY remain near 4Y highs. FX one of the quieter sessions in some time - China's yuan firmed against the dollar in onshore trading. The $ is making gains against Euro, Yen and Aussie – pressing the DXY to recover about ½ of yesterday’s sharp losses. The Headwind for commodities weighs heavy – with all industrial metals getting hit for 50bp+, and Gold drifting just above $1100. The Oil complex is getting whipsawed by 2 competing reports overnight – with Goldie saying $20 Oil is coming, while the IEA slashing non-opec production estimates on low prices. Goldie wins this one, as WTI is off 2.5% and on overnight lows – there are no energy commodities in the green. The “Softs” are rallying though, into WASDE data later today Scheduled catalysts today include US PPI at 8:30 – U. of Mich. Sentiment at 10 - World Agricultural Supply & Demand Estimates (WASDE) – The Baker Hughes Rig Count at 1 – Treasury’s Monthly Budget Statement at 2, and the “Commitment of Traders” data at 3:30. Sometime after the European close, we get rating agency updates from Moody's on Ireland and S&P on Greece. SEE ALSO: THESE 16 PIECES OF INVESTING ADVICE ARE ACTUALLY MYTHS Join the conversation about this story » NOW WATCH: RED EVERYWHERE: It’s a global market meltdown
 |
| READ THE ORIGINAL POST AT www.businessinsider.com |