First Call - Hedge Fund Telemetry

European equity indexes higher Friday, tracking overnight gains across US and Asian markets. US Futures are up slightly. Yields lower across Eurozone. Dollar notably firmer vs sterling and yen but flat vs euro. Oil higher. Copper also firmer, although Gold is flat.
Subdued session overnight with no incremental trade headlines. Attention has been on China’s plan to reduce average tariff rates. Trump meanwhile urged China to open up its market to US farmers. NAFTA negotiations continue, with autos still a sticking point.
Greater Chinese markets have extended recent strength as yuan hit a one-week high against the dollar. Mainland media also reiterated that the PBoC will take measures to stabilize yuan, including via the recently re-introduced counter-cyclical adjustment factor.
Yen near lowest in two-months while super-long JGB yields higher after BoJ reduced purchases for first time since July. Also some attention to former BoJ board member Shirai, who argued the bond-buying program has reached its limits. Japan PMIs and CPI in line.
Regional focus remains on Italian budget after Five Star leader Di Maio yesterday threatened to quit the coalition if his budget demands not met. Brexit developments also eyed after EU leaders rejected UK PM May’s Chequers plan yesterday, calling it unworkable. Eurozone PMIs meanwhile came in somewhat softer.
Tesla VP of global supply management Liam O'Connor resigns - Bloomberg , citing people familiar with the matter
As a reminder there will not be a Daily Note published today as I am traveling. Have a great weekend.

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