First Call - Hedge Fund Telemetry

European equity markets lower, with Italian FTSE MIB slumping ~3% after Rome last night said will aim for 2019 budget deficit 2.4% of GDP – a wider figure than expected by markets and EU. Italian yields spike on latest developments with 10-year above 3%. Italian banks halted limit down. US Futures down .10%
Core Eurozone yields in favor on flight to safety inflows. Euro and sterling weaker vs dollar while yen is flat. Euro weakness attributed to softer Eurozone inflation CPI data. Oil prices little higher. Gold not doing much overall. Broader metals complex higher. Asia mostly higher overnight, tracking gains on Wall Street Thursday.
China markets firmer. Mainland commentary noted speculation of targeted RRR easing after National Day celebrations next week. Yuan is near a one-month low against the dollar. Nikkei stronger as yen holds near its weakest vs dollar since early January.
Also, BoJ Summary of Opinions discussed growing downside risks from trade frictions. Flurry of Japan data earlier, including a drop in unemployment rate, smaller-than-forecast rise in industrial production growth and a faster pickup in retail sales growth.
In line with prior indications, Japan Prime Minister Shinzo Abe reached an agreement on trade with US President Donald Trump
UK growth figures in the spotlight. Q2 final GDP at +1.2% y/y vs the prior revised of +1.1% from +1.3%.
SEC files civil suit against Elon Musk alleging securities fraud TSLA down 12%
GOP moving forward with Kavanaugh vote

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