First Call - Hedge Fund Telemetry

S&P futures up 0.1% after US equities finished mostly higher last week. Asian markets mostly higher overnight with China a standout (reports of state-backed funds buying). Shanghai Composite up over 1% after another big selloff last week. Japan lagged. European markets seeing solid gains. Treasuries mostly stronger with some additional curve flattening. Dollar firmer on the major crosses. Gold up 0.8%. WTI crude slightly weaker. Copper up over 1.5% after last week’s selloff.
Seems to be some spillover of the positive sentiment from late last week that was largely driven by reports US and China may be ratcheting up efforts to end trade tensions.
Turkish markets closed all week (holiday), but the Lira is again weaker. And the US rejected a deal making the release of a US pastor contingent on dropping an investigation into Turkey violating Iranian sanctions.
Venezuela devalued its currency by 95%, and tied its value to cryptocurrency backed by oil. Bloomberg noting many shops closed over the weekend given mass confusion.
Lot of attention on NY Times report about how White House counsel Don McGahn has cooperated extensively with Mueller investigation. However, Trump said he authorized the cooperation and has nothing hide. Market has long ignored the drama surrounding Trump (and the special counsel investigation) and no sign that is about to change.
Not much going on elsewhere. Big corporate story revolves around M&A, with Pepsi to acquire Sodastream for $3.2B. Fed in focus this week with FOMC minutes on Wednesday and Powell speech at Jackson Hole symposium on Friday.
Assuming we don’t have a 20% selloff in the next 3 days, Wednesday will mark the 3,448th straight day of a "bull market" for the S&P. (no 20% pullback) That will mark the longest on record (breaking the record run from 1990-2000 per Barrons).

The US remains one of the few major markets that is positive YTD (S&P +6.6%). China’s -18.4%, Japan -2.5%, Germany -4.5%, and Italy -6.5%. Ex the US, the MSCI World index is -5% in dollar terms.

I will be back in Greenwich tomorrow at full capacity. There will be an abbreviated Daily Note out by noon today.

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