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Key Events And Earnings In The Coming Week

The key economic releases this week include consumer confidence on Tuesday, the durable goods report on Wednesday, and the advance release of 2nd quarter GDP on Friday. The July FOMC statement will be released on Wednesday at 2PM. There are several scheduled speeches from Fed officials this week. 197 S&P 500 companies are due to report (or 38% of the index market cap) with the notable names including Apple, Verizon, Facebook, Coca-Cola, Alphabet, Exxon Mobil and Chevron.

US Futures Rebound Sharply From Friday's Coup Fears, Focus Shifts To M&A

Having panciked briefly on Friday night on news of a Turkish coup, which has since not only failed but been cast away as speculation rises that it was staged and designed to give Erdogan even more authoritarian power, markets have moved on and are now focusing on the main overnight event which was the surprising $32 billion bid by Japan's SoftBank for U.K.’s semiconductor giant ARM which has sent comparable semis higher in European trading and pushing the Stoxx Europe 600 Index up by 0.6%, after surging 3.2% last week. After sliding sharply on Friday, US equity futures are up 0.1% in early trading.

Global Stock Rally Halted In Aftermath Of Latest French Terror Attack

The tremendous rally of the past 4 days that has sent global stocks soaring in recent days has finally been capped and European shares, S&P futures are all modestly lower following a deadly terror attack in Nice, France. Meanwhile Asian stocks rose as Chinese economic data beat estimates, with Q2 GDP rising by 0.1% more than the estimated 6.6% on the back of stronger housing data.

Spoofing Trader Who Outsmarted Citadel And HFTs Gets 3-Year Jail Sentence

Michael Coscia, the first person convicted of spoofing after it was made a crime under the Dodd-Frank Act, was sentenced to three years in prison by a federal judge in Chicago. His real crime? Taking on the HFTs, and Citadel, and winning. Now he gets to spend 3 years in prison thinking about it. And let that be a lesson to anyone else out there who dares to do the same.

Key Events In The Coming Week

With the key event of the week flying largely under the radar, which as previewed here last week was Bernanke's visit to Japan which has already led to another global market spike, here are the rest of the week's events.

European Stocks, US Futures Extend Slide On UK Chaos, Pound Carnage

With global asset correlations once again approaching 1, overnight stocks have been trading in broadly "risk off" mode, following every twist of pound sterling and the rapidly deteriorating British financial situation as "chaos infects" virtually all markets, from China, to European banks, to US equity futures.  As a result of ongoing aftershocks from the Brexit vote, coupled with the sudden political chaos in UK politics, where both parties now seem in disarray, with the pound has extended its selloff to a fresh 31-year low dropping below the Friday lows while European equities are dropping to levels last seen in February.

Global Stocks Rebound As Brexit Odds Decline Following Tragic Death Of UK Lawmaker

While it may very well not last and all of yesterday's gains could evaporate instantly if the Brexit vote is set to take place as scheduled, all 10 industry groups in the MSCI All-Country World Index advanced, with the index rising 0.7% trimming the week’s drop 1.6%. The Stoxx Europe 600 Index rose 1.4%. Futures on the S&P 500 were little changed, after equities Thursday snapped their longest losing streak since February. . Oil rose, paring its biggest weekly decline in more than two months. Bond yields around the globe fell.

Global Stocks Plunge; US Futures, Oil Slide As Brexit Fears "Jolt Markets"

Right now it is all about the immediate fate of the UK, and as Bloomberg explains the "jolted markets" and overnight plunge in global risk assets, "growing anxiety over the prospect of the U.K. exiting the European Union dominated financial markets, sending global stocks down for a third day and the British pound to an eight-week low while boosting demand for havens such as the yen and gold."

Global Stocks Sharply Lower As Bond Yields Hit New Record Lows; Oil Slides Below $50

Global stocks, U.S. index futures are sharply lower pressured by fears of another day of record low bond yields, as investors start to worry about numerous risk catalysts in the coming weeks, from the Brexit vote to Fed meeting. The Dollar spot index rose for the second day in a row, pushing commodities lower for their first two-day decline since May 24, while WTI has dipped back under $50.

Key Events In The Coming Week

After last week's global data deluge which culminated with the worst US jobs reported in 6 years, looking at this week’s calendar we get the usual post-payrolls data lull, punctuated by Yellen's speech today which will be the last scheduled Fed statement before the June FOMC.

Futures Flat Following Friday's Jobs Fiasco: All Eyes On Yellen Again

Every ugly jobs report has a silver lining, and sure enough following Friday's disastrous jobs report, global mining and energy companies rallied alongside commodities after the jobs data crushed speculation the Fed would raise interest rates this month.  “The disappointing U.S. jobs report on Friday means that a summer Fed rate hike is off the table,” said Jens Pedersen, a commodities analyst at Danske Bank. “That has reversed the upwards trend in the dollar, supporting commodities on a broader basis. The market will look for confirmation in Yellen’s speech later today.”

That Didn't Take Long: Fed's Brainard Goes Full Dove One Week After Yellen's Hawkstravaganza

Last Friday, stocks soared as Yellen dropped hawkish hints that The Fed would raise rates "because it was appropriate" implying everything is awesome. One week later - following a terrible Fed-narrative-imploding jobs print - Hillary Clinton-donor and Fed member Lael Brainard goes back to full dove-tard: BRAINARD: U.S. JOBS IN MAY REPORT SUGGESTS LABOR MKT HAS SLOWED, SEES BENEFITS TO FED WAITING FOR ADDITIONAL DATA. Nothing would surprise us less to see stock go green today on this dovish news - just as they did last Friday on hawkish sentiment. If (Fed speaks) THEN (Buy).