Continuing Claims

World Stocks Hit Record High For 10th Consecutive Day In "No-Vol Nirvana"

Traders, so mostly algos, are riding a global risk "high" in stocks as Asia's and then Europe's early 0.4 percent gains ensured MSCI's 47-country All World index was up for a 10th straight session. This is the longest winning streak in global stocks since February 2015 and shows little sign of fatigue even as bond yields edged modestly higher again.

Key Events In The Coming Week: The Summer Doldrums Arrive

With little on the US economic docket in the coming days, this week's focus is on the ECB and BoJ meeting along with minutes from the RBA and the Riksbank. In the US The key economic release this week is housing starts on Thursday. There are no scheduled Fed speaking engagements this week.

Global Stocks Hit New All Time High After Dovish Yellen, Strong Chinese Trade Data

The hawkish tone and global bond tantrum unleashed by central bankers at the Sintra ECB forum two weeks ago is now a distant memory, and after Janet Yellen surprised markets with an unexpectedly dovish testimony yesterday, overnight global shares hit their fourth all-time high in less than a month as Septmeber and December rate hike odds tumbled, pushing the dollar to the lowest level since September 2016.

June Payrolls Preview: With The Fed On Autopilot, You Can Skip This One

After a poor March jobs report, followed by an April scorcher, then another debacle in May, the June payrolls report due at 8:30am will be... very much irrelevant, because as Citi pointed out earlier, the Fed is now data-indepdendent and will keep hiking until financial conditions finally tighten (read: stocks drop). For what it's worth, here are the consensus expectations for tomorrow's report.

Global Bond Rout Sends S&P Futures, European Stocks Sliding

S&P futures are sliding this morning, down 0.4% and tracking the accelerating decline in European and Asian stocks, driven by a move higher in global interest rates, which started with Japanese 10Y yields rising to 0.1% for the first time since February, but mostly Bund yields which spiked after tripping stops, and jumped as high as 0.53% for the first time since early 2016.

Key Events In The Coming Holiday-Shortened Week: Payrolls, Fed Minutes, ISM, G-20

The key economic releases this week are ISM manufacturing on Monday, ISM non-manufacturing on Thursday, and the employment report on Friday. There are several scheduled speaking engagements by Fed officials this week, including a speech by Fed Vice Chair Fischer on Thursday. The minutes from the June FOMC meeting will be released on Wednesday.

Euro Surges, Yields And Stocks Rise As Central Banks Deliver Coordinated Message

The euro soared to the highest level in over a year while bond yields and global shares also climbed, as an ongoing barrage of coordinated hawkish comments from central banks signaled the era of easy money might be coming to an end for more than just the United States. S&P futures were fractionally in the green following the best day for US equities in two months.

Europe Slides For Third Day As Oil Attempts A Rebound; US Futures Flat

US equity futures were marginally in the red, while Asian markets rose and European stocks dropped. WTI oil rose 0.61% to $42.79 as some suggest the time to go long has arrived; oil tumbled 2.3% in the previous session. The Bloomberg Dollar Spot Index fell 0.1 percent.

Key Events In The Coming Quiet Week: Brexit, Housing And Lots Of Fed Speakers

In an otherwise relatively quiet week in which the only upcoming US data is housing, current account and jobless claims, UK politics will again draw attention, one year (on Friday) after the Brexit referendum and as noted earlier, Brexit negotiations begin on Monday, despite lingering political uncertainty in the UK. Also no less than 9 FOMC members are scheduled to speak this week.

Key Events In The Coming Week: Thursday Turmoil Trifecta

This week will be all about rhe "Thursday Turmoil Trifecta" when the UK general election will be highlight of a busy week together with the ECB monetary policy meeting, while rounding off events in the US will be James Comey's first public testimony since he was fired by Donald Trump in which he is expected to testify that Trump pressured him to end the Russian probe into Mike Flynn.

May Payrolls Preview: The Tiebreaker

After a poor March jobs report, followed by an April scorcher, the May payrolls report due at 8:30am on Friday will be the tiebreaker, not only for the current state of the economy where both soft and hard data have been deteriorating in recent weeks, but perhaps also for the June rate hike decision, which as the Fed noted in its May FOMC minutes, may not take place without "evidence" that the recent "transitory weakness" in the economy is over.

Global Stocks Rise As Oil Rebounds; Yuan Soars

S&P futures are little changed this morning, while Asian shares rise and European stocks (+0.5%) are poised to snap a five-day losing streak amid a broad-based rally. The pound declined as better-than-expected manufacturing data failed to offset political risk before the impending election, while crude oil gained.