Via Dave Lutz at JonesTrading, here’s a quick guide to what traders are talking about before the market opens on Tuesday:
Good Morning! US Futures are retreating slightly, led by a 24bp drop in the QQQs as they roam near 15Y highs. Europe was relatively mixed, with Germany’s DAX falling 30bp in average volume, as Volkswagen gets hit for 2% weighing on discretionary shares, and Banks under pressure as Standard Chartered to raise $5.1bn. The FTSE is performing a bit better as the Energy stocks played catch-up to yesterday’s surge in New York. Over in Asia, China had a slight pullback, but the bulk of the markets closed firmly in the green – Aussie jumped 1.4% as banks rebounded, Hong Kong shrugged off bad retail sales data to add 90bp, while most of the Emerging Markets closed higher, led by a 1.5% move in Indonesia. In Japan, the Nikkei was closed for “Culture day”.
The US 10YY Continues to rest near yesterday’s peaks around 2.19% and 2YY near 6week highs as Fed Funds show a 50% chance of a hike next month. The Dollar is making some pretty sharp gains against the basket – with Euro under pressure and thru 1.10 to downside – Yen breaking down quick as risk appetite emerges, pressing the “Carry Trade” towards 121 – and even the A$, which ripped higher as they keep rates at 2% down under, is starting to retreat against the greenback. The Stronger $ is a headwind for commodities, and we have most metals in the red led by the Industrials – Platinum, Nickel and Silver all off 50bp+. The Oil Complex is rallying slightly as we await US Inventory data, and Natty gas is gaining 1% as it tried to recover from the 5%+ smackdown over the last week. Softs are all mixed early.
Ahead of us today, we have ACT Preliminary truck orders, along with Monthly sales figures from the big automakers throughout the session. At 9:45 we get ISM New York, followed by US Factory Orders at 10. At 1pm, ECB’s Draghi Speaks in Frankfurt – and after the close we get that API data for Crude at 4:30 (Seen climbing 2.25-2.75mln barrels, and a 400k draw from Cushing). Today is Election day for races in handful of states, but down in DC at 10am the House Financial Services Cmte marks up 10 bills dealing with issues including Financial Stability Oversight Council reform, systemic risk designations – at 2:30 a House Energy and Commerce panel marks up 2 Congressional Review Act resolutions that counter Obama’s Clean Power Plan – and the House begins debate on long-term renewal of highway bill at 3pm.
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