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8/10/18
Thomas Thornton
Top Overnight News

  • Join Hedge Fund Telemetry at 10:15am EST today for a 30 min webinar to go over major indexes which are nearing upside DeMark exhaustion signals similar to the January top as there is increased risk with bullish sentiment in the extreme zone.  Here's the link to join


  • S&P futures down 0.45%, but off worst levels. European markets broadly lower. Follows losses in Asia. Treasuries mostly stronger with some curve flattening. Dollar better on euro and sterling crosses but a bit weaker vs yen. Gold down 0.1%. Oil a bit higher with WTI up 0.2%.
  • Not much going on from a domestic perspective but weakness in Turkish assets the big story. Follows FT report saying the ECB financial watchdog has become concerned over exposure of some the bloc’s major lenders to Turkey. Report an early driver for euro weakness and Turkish lira slips to another record low. Note, Turkish finance minister expected to unveil "new economic model" later.  Banks to watch BBVA, UCG, BNP.
  • Macro updates include better Japan Q2 GDP data on pick-up in private domestic demand. Second reading of UK GDP met consensus. Industrial production beat and trade deficit narrowed. US CPI the focus later, with street looking for rise in headline inflation to near-seven year high, though core CPI growth seen unchanged.
  • Asian session relatively quiet in comparison. Nikkei lower. China markets flat. Rally in Hang Seng property developers chalked up to reports of sizable rise in China property sales. Yuan little changed, on track for its first weekly gain vs dollar since early June.
  • Sterling experiences a muted reaction despite better UK data. Currency continues to underperform, falling to fresh lows versus the dollar under 1.2750 in early Europe. Latest economic indicators offer some encouragement for UK outlook. Second reading of Q2 GDP met expectations, with 0.4% q/q expansion and 1.3% y/y. June Industrial Production also positive, with 1.1% y/y gains versus consensus 0.7% and prior revised to 1.2% increase from prior 0.8%. Trade deficit also narrowed to £11.3B versus consensus £12.2B and prior revised to £12.53 from £12.4B. Lack of impact put down to focus on political backdrop, with Brexit no-deal risk still dominating sentiment.
  • Italian bonds softer amid ongoing budget concerns - Watching > 3% in the 10 year
  • Tesla board plans to meet with advisers next week regarding go-private talks

Market Snapshot
US Economic Reports Today
Pre Market Movers



 


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