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4/1/19
Thomas Thornton
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Top Overnight News


  • S&P futures up 0.7%.  Asian equities rallied sharply overnight with China up over 2.5%. European equities seeing good gains with Germany one of the standouts. Treasuries weaker with some steepening after big 2019 rally started to lose some momentum late last week. Dollar stronger vs yen, but weaker vs euro. Sterling seeing good gains. Gold down 0.3%. WTI crude up over 1%.
  • Dampened global growth fears the easy excuse for strength in risk assets today. Both China’s official and Caixin manufacturing PMIs unexpectedly moved back into expansion in March. However, while stimulus traction has helped, economists also cited seasonal tailwind (LNY distortion) and noted that export readings still soft. In addition, some pockets of disappointment elsewhere, as German manufacturing PMI revised down to lowest since July 2012 and South Korean exports remained weak.
  • While economic calendar busy (and some key US data on tap for today and later this week), pretty quiet from a headline perspective. Nothing incremental on US-China trade talks, which are set to continue this week in Washington. Kashkari the latest Fed official to push back on rate cut expectations, while ECB officials have also expressed some skepticism about tiering. Brexit newsflow remains volatile and still does not seem to matter much for US equities.   
  • In the news:
    Facebook CEO Mark Zuckerberg publishes op-ed calling for increased internet regulation -- Washington Post
  • Intel lays off hundreds of tech workers -- The Oregonian, citing sources
  • WSJ's Heard on the Street column explains how Alphabet's well-intended changes could look bad  
  • EU safety officials skipped 737 Max software update meeting in snub to Boeing -- Bloomberg, citing sources

Market Snapshot
Market Sentiment


Here's the latest market sentiment numbers.  Raw number is latest.  Charts are back online although some market pricing issues with futures on a few charts will be addressed this morning

S&P and Nasdaq Futures 15 minute tactical look


S&P and Nasdaq Futures 15 minute time frame popped on the China news and has moved sideways.  2850 and 7450 is first support

US Economic Reports
Pre Market Movers
Bloomberg Automated Technical Pattern Recognition Screens - US, Russell, and EU Markets


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Occasionally, an earnings report date could change, or could be incorrect. We rely on various sources including Street Account, Factset, and Bloomberg to compile this report.    

 

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