BOE

Global Stocks Rise Amid Strong Economic Data; Yen Drops To 2 Month Low As Oil Resumes Slide

In a quiet overnight session, S&P 500 futures are fractionally in the green (2,426, +0.2%) with European and Asian stocks as oil drops second day after an initial ramp higher amid speculation that LIbya and Nigeria may be asked to cap their production. Nasdaq 100 Index are again higher, following the biggest daily advance in more than a week, up 0.4% as of 6:20 a.m. in New York.

One Hedge Fund CIO's Conversation With His Uber Driver

“Paying my way through college,” said my Uber driver. I was asking about his life. “My girlfriend pays most of our rent.” She’s carrying $150k in college debt. Four years of university, one year abroad. Spain. Then graduate school. I asked what he’d do with his degree? “No idea. I just don’t want to graduate with that much debt.”

FX Week Ahead Preview: USD/JPY Set To Probe Higher Levels

Yield control measures forced the BoJ's hand as the zero target for the 10yr was returned, and this gave the spot rate fresh legs through 114.00.  114.50-115.00 higher up is a very heavy zone to contend with however, and with concerns over N.Korea causing heightened tensions, we see strong profit taking interest up here at the very least. 

Bond Rout Fades With Futures Flat Ahead Of Payrolls; Pound, Yen, Oil Tumble

S&P futures are little changed following yesterday's rout even as Asian and European markets continued selling; the pound slid on poor factory data, the yen tumbled after the BOJ intervened to stabilize the JGB bond market, precious metals flash crashed early in the session, while the selloff in oil accelerated despite yesterday's massive inventory draw, although at least yesterday's sharp bond tantrum has stabilized.

Albert Edwards: "Something Smells Different This Time"

"Is it conceivable that the Fed is no longer so data dependent and doesn’t care how strong the economy is or whether wage inflation is going to pick up? Many commentators seem to think the Fed will simply back off tightening as soon as the going gets rough – as it has consistently done in the past. But something smells different."

Global Stocks Rebound From Korea Jitters; S&P Flat As Fed Minutes Await; Oil Slides

S&P futures were little changed at 2,425, ignoring the N.Korea tensions of the past two days which will likely be a major topic in the upcoming G-20 summit, as European stocks fluctuate and Asian markets advance. Crude oil fell, snapping the longest winning streak this year, as Russia said it opposed any proposal to deepen OPEC-led production cuts.

Global Stocks Rebound From N.Korea ICBM Jitters; US Markets Closed For "Amexit Day"

With the US out on holiday for the 4th of July, overnight trading volumes have been muted, as Europe started off in the red but has since trimmed most losses (Stoxx 600 -0.1%) while S&P500 futures rose shaprly from session lows spurred by the European open ignoring the risk-off sentiment from North Korea's latest missile launch, trading 0.2% higher, or up 4 points to 2,429.

Bill Blain: "Welcome To The Second Half In Which Many Are Very Concerned About A Bubblicious Market Reversal"

"Lots of participants remain very concerned on the prospects for bubblicious stock market reversal later this year, but others point to yet more upside. There are clear signals of concern about what the withdrawl of “extraordinary monetary policy” will mean. Normalisation is seen as a threat by some, but by others as a very useful “reset” to get markets back on a properly priced realistic track."