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European Stocks On Edge Ahead Of Catalan Independence Call, S&P Futures Rise

S&P futures are again modestly in the green as European shares hold steady ahead of a meeting of the Catalan regional parliament and a possible declaration of independence by Catalan leader Puigdemont, while Asian shares rise a the second day. The dollar declined for the 3rd day, its losses accelerating across the board amid growing concerns that Trump's tax reform is once again dead.

Catalan President To Declare "Gradual Independence" On Tuesday

In the latest twist ahead of tomorrow's much anticipated "next step" announcement to be made by the Catalan secessionists, which is still to be formalized, Spain's EFE newswire reports that Catalonian President Carles Puigdemont has reportedly drafted a declaration of "gradual independence", that will be "gradually effective" and which will plan to start a constituent process.

Key Events In The Coming Week: CPI, Retail Sales And FOMC Minutes

The key economic releases this week are the CPI and retail sales reports on Friday. Additionally, the minutes from the September FOMC meeting will be released on Wednesday. There are several speaking engagements by Fed officials this week, including a speech by Chair Yellen on Sunday.

Global Markets Bounce As Germany, China, Spain Lift World Stocks, Turkey Crash Ignored

S&P futures rebounded and edged higher as European stocks gain, led by Spanish shares after mass demonstrations in favor of Spanish unity and speculation Catalonia may back down on unilateral independence demands, while Chinese mainland stocks reopened catching up to gains missed during the holiday week following last weekend's RRR cut.

What Happens To Iran's Oil Exports If Sanctions Are Renewed: Goldman Explains

European buyers, which account for 25% of Iran’s 2.2 mb/d crude exports, could potentially stop their purchases to avoid falling foul of US secondary sanctions. The key to the global oil market is whether these flows will be curtailed rather than simply redirected to Asia. Net, we would expect that if US secondary sanctions are renewed, they would initially put at risk a few hundred thousand barrels of Iranian exports

Dollar Surge Continues Ahead Of Jobs Report; Europe Dips As Catalan Fears Return

World stocks eased back from record highs and fell for the first time in eight days, as jitters about Catalonia’s independence push returned while bets on higher U.S. interest rates sent the dollar to its highest since mid August; S&P 500 futures were modestly in the red ahead of hurricane-distorted nonfarm payrolls data

The Catalan Chain Reaction

"Catalonia’s drive for 'independence' has unleashed a chain reaction of viral social media support that’s frighteningly resurrected civil war-era rhetoric, but the most dangerous consequences of this domino effect are yet to come if the separatists are ultimately successful in their quest. .."