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9/13/18
Thomas Thornton
Top Overnight News

  • S&P futures up 0.2% following a mixed performance for US equities on Wednesday. Asian markets rallied overnight with Hong Kong and China among the standouts. Nikkei also up nearly 1%. European markets firmer. Treasuries a bit weaker with some curve steepening. Dollar a bit stronger vs yen and euro. Big rally in Turkish lira. Gold unchanged. WTI crude down over 1% after a big rally over the last few days.
  • Some support for global risk sentiment from Wednesday’s news that US has invited China to hold another round of trade talks. Also some signs of EM reprieve with much bigger than expected rate hike in Turkey. No surprise that BoE left rates unchanged. Italian political concerns back in focus for a second straight session even though there have been denials of report that Finance Mia threatened to resign over the budget.
  • Canada’s Freeland said more work needs to be done on NAFTA overhaul. Also said not meeting with Lighthizer today in Washington. Survey showed US companies being hurt by US-China trade battle. IEA warned oil market could tighten if exports from Iran and Venezuela continue to fall. On the data front, Japan machinery orders increased faster than expected in July (though data series volatile). Aussie employment jumped in August
  • Hurricane Florence was been downgraded to a category 2, but estimates for 13 foot storm surge and nearly 3 feet of rain remain
  • Asia (MSCI Asia Pac Index) rallied for the first time in 11 sessions (broke the longest losing streak in 16 years per Bloomberg).
  • US short term rates continue to grind higher, as the 2 Yr yield has again made new 10+ year highs for the 5th straight session (2.756%)

Market Snapshot
US Economic Reports For The Rest Of The Week
Pre Market Movers



 


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