[Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 2, 2016. REUTERS/Brendan McDermid ] Via Dave Lutz at JonesTrading, here's a super-quick guide to what traders are talking about right now: Good Morning, and good luck to commuters in the NYC area with Metro-North headaches early. US Futures are drifting around unchanged as the street awaits the release of today’s Fed Minutes to provide some clarity on the direction of rates (expected hawkish). Markets in Europe are mixed, with the DAX remaining under the 50dma as discretionary shares come under pressure on China concerns and Burberry #s. London is getting hit for 50bp as the miners fall under pressure on dropping Metal prices. Banks across the continent are bucking the trend, led by a 1.5% pop in Italian Fins – Volumes are pacing 20-30% light tho. Over in Asia, Japan’s Mothers index tanked 7.8% on heavy selling in tech/biotech with margin calls kicking in for retail players - Nikkei outperformed tho, as Banks climbed 3% on solid GDP #s - Shanghai lost 1.2% while Shares in Hong Kong and Shenzhen fell sharply after a top Chinese official disappointed investors by not mentioning a trading link between the two cities – Weakness in Miners hit Aussie for 70bp. The $ remains in rally mode, gaining against Euro (inflation data light) and Yen (Better GDP) - Aussie, kiwi and Canadian dollars are all leading commodity FX lower. The US 10YY has broken above yesterday’s resistance as that “Policy Sensitive” 2YY climbs near 1M highs early. All metals weaker early Ore lost 2.2% and rebar 1.7% in China - Copper down 1.7% at 3M lows on Antofagasta comments – Silver down 1%. Gold hanging close to flat despite the $ higher. The Crude Oil complex continues to be buoyed by unplanned supply disruptions from Nigeria and Canada into Inventory data later today – WTI is up 40bp and challenging yesterday’s peaks. Softs are weak across the board. Ahead of us today, we get DOE data for Crude at 10:30 (API showed a drop of 1.14m, with a Cushing build of 510k) – at 11 we get the ISM Semiannual Report On Business & Economic Forecast – while the “main event” for the day will be the Minutes from April 26-27 FOMC Meeting at2pm. At 2:30, the current VIX Contract Rolls, ahead of the WTI roll tomorrow. Seems pretty quiet in Washington DC today. SEE ALSO: 10 THINGS YOU NEED TO KNOW TODAY Join the conversation about this story » NOW WATCH: FORMER GREEK FINANCE MINISTER: The single largest threat to the global economy
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