First Call - Hedge Fund Telemetry

S&P futures little changed. Asian equities mostly higher overnight. European equities mixed. Treasuries little changed. Dollar stronger on the major crosses. Gold down 0.6%. WTI crude up 0.1% following big rally yesterday. Copper down over 1.5% after giving back some of its recent bounce from correction territory in prior session.
Very quiet from a headline perspective. Trade seems to be on the front burner with few signs of any breakthroughs in negotiations currently taking place between US and China. However, no real surprise there as expectations had been low. US also implemented 25% tariffs on an additional $16B worth of Chinese goods and Beijing quickly retaliated. Both moves widely expected. USDCNH 6.88 and is at risk of dropping further to 7
No meaningful direction from today’s data. Eurozone flash manufacturing PMI came in a bit softer than expected, though services a touch better. Japan’s flash manufacturing PMI improved sequentially in August. Pretty quiet elsewhere on the macro front. No reverberations from FOMC minutes and previews suggest Street not looking for much out of Powell tomorrow in Jackson Hole.
BABA up following its results. WSM beat and raised FY guidance for second time this year. Higher selling margin a bright spot. LB hit by continued markdown pressure at VS. JWN boosted by $1.5B share repurchase authorization.
Post Fed Minutes now a 64% chance of a 4th rate hike in December (highest percentage its been).
New 11 year lows for the US 2/10 Yr spreads; the curve has now flattened in 10 of the last 11 sessions. Along those lines, the US 10 Yr yield is only 6 bps above its 200 day moving average of 2.765% (hasn’t traded below that metric since November).
Only 5.27B shares traded in the US yesterday; that’s a new YTD low for a regular session.

Should be a quiet day ahead of tomorrow's Jackson Hole meeting. Have a great day.

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