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RANsquawk Preview - BoE Rate Decision April 2016





 
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Futures Jump On Chinese Trade Data; Oil Declines; Global Stocks Turn Green For 2016





With oil losing some of its euphoric oomph overnight, following the API report of a surge in US oil inventories, and a subsequent report that Iran's oil minister would skip the Doha OPEC meeting altogether, the global stock rally needed another catalyst to maintain the levitation. It got that courtesy of the return of USDJPY levitation, which has pushed the pair back above 109, the highest in over a week, as well as a boost in sentiment from the previously reported Chinese trade data where exports rose the most in over a year, however much of the bounce was due to a favorable base effect from last year's decline. Additionally, as RBC reported, the 116.5% y/y increase in China’s reported March imports from HK likely reflects the growing trend of "over-invoicing", which is merely another form of capital outflow.

 
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Futures Rebound On Weaker Yen; Oil Hits 2016 Highs





In recent days, we have observed a distinct trading pattern: a ramp early in the US morning, usually triggered by some aggressive momentum ignition, such as today's unexplained pump then dump in the EURUSD with stocks rising after the European open, rising throughout the US open, then peaking around the time the US closed at which point it is all downhill for the illiquid market. So far today, the pattern has held, and after trading flat for most of the overnight session, with Europe initially in the red perhaps on disappointment about the Italy bank bailout fund, a bout of early Europe-open associated buying pushed US futures up, following the first rebound in the USDJPY after 7 days of declines which also helped the Nikkei close 1.1% higher.

 
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RANSQUAWK WEEK AHEAD VIDEO 11th April 2016 - Highlights this week include BoE and BoC rate decisions, a host of CPI readings and the beginning of US earning season





 

- Attention this week will likely turn to rate decisions from the BoE and BoC, alongside CPI readings from China, Germany, the UK and US.

- Elsewhere, US participants will be gearing up for the start of earnings season, with Alcoa due on Monday.

 
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RANsquawk Weekly Wrap - 8th April 2016





 
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Stocks Rebound In Calm Trading On Back Of Stronger Crude, Dollar





Unlike yesterday's overnight session, which saw some subtantial carry FX volatility and tumbling European yields in the aftermath of the TSY's anti-inversion decree, leading to a return of fears that the next leg down in markets is upon us, the overnight session has been far calmer, assisted in no small part by the latest China Caixin Services PMI, which rose from 51.2 to 52.2. Adding to the overnight rebound was crude, which saw a big bounce following yesterday's API inventory data, according to which crude had its biggest inventory draw in 2016, resulting in WTI rising as high as $37.15 overnight

 
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RANsquawk Preview Video: FOMC March 15th-16th meeting minutes





  • Given the very dovish nature of Chair Yellen’s speech on March 29th, participants will be looking to see if the FOMC is unified around her cautionary approach
  • As job growth in the US remains strong, we will see just how bullish the Fed is on the domestic economy and to what extent they are concerned about foreign headwinds

BACKGROUND

 
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"Risk Off" - Global Stocks Slide As Yen Surges To 17 Month High; Bund Yields Plunge





The market's slumberous levitation of the past month, in which yesterday's -0.3% drop was the second largest in 4 weeks and in which the market had gone for 15 consecutive days without a 1% S&P 500 move (in March 2015 the sasme streak ended at day 16) may be about to end, after an overnight session, the polar opposite of yesterday's smooth sailing, which has seen a sudden return of global risk off mood.

 
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Global Stocks Rise, Europe Rebounds As Oil Halts Decline





In a quiet start to the week following last week's surprisingly strong rebound which followed a stronger than expected jobs report (perhaps to demonstrate that good news is once again good news), Japan stocks continued to sink as the USDJPY dropped to fresh lows, while commodities declined for a fifth day as the supply glut from crude to copper weighed on prices, dragging down commodity currencies. European equities rose, rebounding from a one-month low.

 
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RANsquawk Weekly Wrap - 1st April - Chair Yellen, NFP





 
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Japan Stocks Plunge; Europe, U.S. Futures, Oil Lower Ahead Of Payrolls





For Japan, the post "Shanghai Summit" world is turning ugly, fast, because as a result of the sliding dollar, a key demand of China which has been delighted by the recent dovish words and actions of Janet Yellen, both Japan's and Europe's stock markets have been sacrificed at the whims of their suddenly soaring currencies. Which is why when Japanese stocks tumbled the most in 7 weeks, sinking 3.5%, to a one month low of 16,164 (after the Yen continued strengthening and the Tankan confidence index plunged to a 3 year low) it was anything but an April fool's joke to both local traders.

 
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On Final Day Of Extremely Volatile Quarter, Futures Trade Modestly Lower





On the last day of an extremely volatile first quarter, following the latest torrid push higher in risk assets over the past two days following Yellen's dovish Tuesday comments, today has seen a modest pull back in risk, whether because the market is massively overbought, because someone finally looked at what record multiple expansion that has taken place in Q1 as earnings are set to collapse by nearly 10%, or simply due to fears that tomorrow's payrolls number will show an abnormal amount of minimum wage waiters and bartenders added.

 
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"Bad News Is Great Again" - Global Stocks Soar After Yellen Admits Global Economy Is Much Weaker





At the end of the day, it was all about the dollar and the reason for this morning's stock surge around the globe, as we noted last night, is absurdly delightful: Yellen signaled "weakening world growth" and "less confidence in the renormalization process." In other words, the "bad news is good news" mantra is back front and center.

 
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