First Call - Hedge Fund Telemetry

S&P futures up 0.14% after US equities finished mostly higher on Monday. Asian equities higher overnight with China the standout, up over 1% for a second straight session. European equities mostly higher with Italy the big gainer. Treasuries weaker across the curve following the bullish flattening move in the prior session. Dollar firmer vs Yen, but lagging Euro. Gold up 0.3%. WTI crude up 0.6%, near best levels. Copper extending its recent bounce, up 1.0%.
Bulk of the focus continues to revolve around President Trump’s renewed criticism of Fed tightening. However, similar to last time around, White House likely to reiterate that Trump supports Fed independence, while his comments not expected to have a near-term policy impact.
Trade another focus as Trump downplayed expectations for any meaningful breakthroughs in renewed talks with China this week. However, expectations have been fairly low given the lack of authority on the part of participants on both sides. Press reports also discussed the heightened backlash from US businesses as White House prepares to move forward with tariffs on another $200B of Chinese imports. Commerce Secretary Ross said auto tariff study may be delayed in view of ongoing negotiations and business concerns.
Pretty quiet elsewhere. China reiterated it will not engage in meaningful stimulus and will continue its deleveraging push. However, in line with policy fine-tuning, also said it will keep liquidity reasonably ample and help companies with financing. La Stampa reported Italy could ask Russia’s SWF to purchase its bonds. Moody’s also extended review of Italy to get better color on policy direction. Nothing really incremental surrounding Turkey.
Slow Summer volumes, as only 5.36B traded in the US yesterday; that essentially ties the lowest volume for a full session of 2018. Along those lines, only a 9 point range for the S&P yesterday (among the tightest of 2018).
The US yield curve continues to flatten; yesterday the 2/10 Yr spread touched 22.5 bps (new 11 year lows).
Online brokers hit by competition concerns surrounding new JPMorgan app

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