First Call - Hedge Fund Telemetry

S&P futures down 0.2%, though US equities still posting good gains for the week. Asian markets mostly weaker overnight with China giving back some gains from earlier this week, down over 1%. European markets on the defensive. Treasuries little changed. Dollar slightly weaker vs yen and slightly firmer vs euro. Turkish lira under more pressure. Gold off 0.3%. WTI crude up 0.4%.
Pretty quiet from a headline perspective (again). While US and Canadian officials have expressed optimism about the prospects for a near-term deal on NAFTA, nothing incremental on where things stand on some of the more contentious issues (dispute resolution panels and dairy access). Canada has also stressed that it will not negotiate in the press. Elsewhere, EU said it is willing to scrap car tariffs in US trade deal. US auto makers not moving on news but German auto makers up.
EM concerns back in the headlines with Turkey and Argentina getting the bulk of the scrutiny. Problems still seem largely idiosyncratic, though developed market policy normalization continues to loom large. Brexit sentiment has been more upbeat following the Barnier comments yesterday. London Times reported today French President Macron pushing other EU leaders to agree to a close relationship with Britain. Data out of Australia and New Zealand disappointed.
CPB to sell international and fresh food businesses. CRM Q2 results fairly well reviewed, though stock hit by softer billings guidance. PVH beat and raised, but GM and Q3 guidance light. CI said both it and ESRX have certified compliance with DoJ merger request and expect to close deal by year-end.

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