Brocker.Org: Here’s a super-quick guide to what traders are talking about right now

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Brendan McDermid/Reuters

Dave Lutz, the head of exchange-traded funds (ETFs) at
JonesTrading, has an overview of what’s happening in markets on
Wednesday:

  • US stock futures are little changed, with the Nasdaq adding
    to the closing high it hit on Tuesday. The FTSE in London is
    gunning for a 10th straight record high. 
  • Industrial commodities are rallying. Copper is adding to a
    three-month high, while crude oil is higher after two days
    of weakness and ahead of weekly inventory data from the
    Department of Energy.

Here’s Lutz:

Good Morning!   US Futures are marked slightly higher,
with the QQQs adding to record close.   A Mixed bag in
Europe, where the DAX is up 10bp as discretionary and Energy
rally, but thos Fins remain under pressure of profit-taking,
hitting Italy for 25bp.  In London, the FTSE going for 7,300
and a 10th consecutive day of record closes as Miners jump higher
again, offsetting weakness in Discretionary.  Volumes heavy
across the continent, with the DAX and FTSE trading 40% heavier
than average.  Asian stock markets were broadly higher –
Japan closed up 30bp as the Yen fell, China lost 80bp on concerns
of heavy Chinese IPOs incoming, while Hong Kong rose for a
5th session – Aussie climbed small on Energy shares,
while India reclaims 27,000

Some Reversal in Bunds and Treasuries – they had been under
pressure most of the morning, but are now leaping higher,
pressing the US 10YY back under 2.37%.   The DXY is
bouncing from 102 – Euro hit towards 1.05 (and holding for now) –
Sterling on 10week lows – while EM FX still weak:  Lira
fresh lows and Peso on record lows into the Trump Presser at
11amET.   Bitcoin off 6% as China moves further against
the currency.   Industrial commods are mostly higher,
with Copper adding to 3month highs as Ore has leapt 10% this week
and Oil rebounding from a 2day whack into DOE inventories –
headers chattering Saudi supply cuts to Asia outweighing heavier
than expected US Inventory data.  Interesting that GOLD is
well bid despite the DXY rip – Positioning shows the street way
short that yeller metal.

Quiet Economic Calendar today – we get Bank of England
Bond-Buying Operation Results at 9:50, just before UK’s NIESR GDP
Estimate at 10.  DOE data for Crude hits at 10:30 (Last
night’s API showed a 1.5mln build, with Gasoline stocks jumping
1.7mln – both slightly heavier than estimates).  At 11am we
get the Trump Presser (1st Since Election) – then at
1pm we get a Auction of $20 Bln 10-Year Notes (Reopening). 
Small builder KBH (#13 ITB – not even in the XHB) reports after
the close.   Active day in Washington, as the Senate
holds 3 confirmation hearings (supposed to be 5, 2 were delayed)
and moves on ACA thru Budget Process.

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