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9/4/18
Thomas Thornton
Top Overnight News

  • S&P futures down 0.2%, at worst levels, following the long holiday weekend. All of the major US equity indexes finished higher last week, while sector performance was mixed. Asian markets mixed overnight with China a standout, up over 1%. European markets mostly weaker, though Italy extending its recent outperformance. Treasuries mostly weaker. Dollar seeing solid gains on the major crosses. Gold down 0.7%. WTI crude up 2.0% with some focus on tropical storm in Gulf of Mexico.
  • Pretty uneventful session thus far. Nothing particularly incremental surrounding trade. US and Canada to resume NAFTA negotiations on Wednesday. Dispute mechanism and dairy remain the most contentious issues. While Trump said Canada will be left out if a fair deal cannot be reached, there continues to be pushback from both Congress and the business community. Thursday could also see White House implement 25% tariffs on next $200B of Chinese imports.
  • Conciliatory tone from government officials (and the fact that Fitch affirmed its triple-B rating last Friday) has provided some recent reprieve for Italy. UK Prime Minister May under pressure over Brexit plan. BoJ boosted JGB purchases following recent speculation it may be trying to introduce more volatility into the bond market. RBA left policy unchanged. Argentina recently announced austerity measures to tackle its crisis.
  • Billionaire John Malone Predicts Breakup of Google, S. Telegraph Says
  • China Is Said to Explore Megamerger of Mobile- Phone Carriers
  • Deutsche Bank Is Said to Be Removed From Euro Stoxx 50 Index

Market Snapshot
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