Dave Lutz, head of ETFs at JonesTrading, has an overview of
Good Morning! US Futures are mostly higher, led by
a 20bp pop in Nasdaq as NFLX rallies nearly 1% into
earnings tonight. Mostly red in
Europe, where the DAX is down 20bp as Industrials and Banks
retreat, but Telecom outperforming on Telenor. FTSE
is up 60bp tho, as the Miners love China GDP beat.
Volumes couldn’t be more abysmal tho, with most exchanges
trading 30% light to recent trend. In Asia,
all eyes were on weakness in China – Shanghai lost 1.2%, but
China smallcaps smoked for almost 6%, while Chi-Next was hit
for 5.1% “amid concerns over tighter regulations”. Hang
Seng closed up 20bp despite Macau names getting hit for almost
3% “following a major junket liquidity warning” said our
traders in Hawaii. Aussie was off 20bp, while Japan
Doves are bidding up Treasuries and Bunds on Light Euro
Inflation into the ECB later this week. The DXY is
up small, making gains against Euro, Pound and Yen, with the
$/Y falling near July lows into BOJ later this week.
Aussie touched 2Y highs before retreating, but remains above
78c – while much chatter was on Cryptocurrencies getting smoked
over the weekend. Industrial Metals enjoying the China
Tailwind, with Ore up 2.4% – helping Copper gain 1%, while
Energy is a mixed bag, with WTI off small and Brent barely
holding $49. Softs are mostly lower, led by 70bp
drops in Corn and Wheat.
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