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Futures Flat As Payrolls Loom, Dollar Slide Continues

It took stocks only a few minute to "price in" the latest political shock out of Washington, with the Emini trading 0.07% higher this morning on news that Mueller now has a grand jury, while European and Asian shares are little changed as investors await the looming July jobs report.

Global Markets, Futures Slide Spooked By Poor Amazon Earnings, US Politics

S&P futures have tracked both European and Asian markets lower, which were dragged down by the big EPS miss and guidance cut reported by Amazon on Thursday. Meanwhile, the pounding of the dollar has resumed with the euro and sterling strengthening against the dollar due to renewed political concerns

Global Stocks Hit New All Time High As Dollar Rebounds; Europe Volatile On Earnings Deluge

The levitation continues with S&P futures pointing to - what else - another higher open while European stocks swung between gains and losses on the busiest earnings days of the year (85 of the Stoxx 600 report) which has seen European pharma giant AstraZeneca plunge 15%, the most on record, after its flagship lung cancer trial Mystic failed to show benefits, while Deutsche Bank slumped 4% on a 12% plunge in FICC revenue.

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.”

Frontrunning: June 14

  • Federal Reserve Expected to Deliver Rate Increase (WSJ)
  • Fire engulfs London tower block, at least six dead, more than 50 injured (Reuters)
  • Children lost, baby thrown to safety (Reuters)
  • Democrats Accuse Sessions of ‘Stonewalling’ (BBG)
  • World stocks march on as Fed rate hike looms, dollar steady (Reuters)

Key Events In The Coming Busy Week: Fed, BOJ, BOE, SNB, US Inflation And Retail Sales

After a tumultous week in the world of politics, with non-stop Trump drama in the US, and votes in the UK, France and Italy, this is shaping up as another busy week ahead with multiple CB meetings, a full data calendar and even another important Eurogroup meeting for Greece. Wednesday's FOMC will be the main event, with the Fed expected to hike 25bp, while the BOJ, BOE and SNB all remain on hold.

Frontrunning: June 9

  • UK voters deal May a crushing blow (Reuters)
  • May Fights to Remain U.K. Premier After Election Debacle (BBG)
  • Warning of U.S. desertion, EU chief calls for European defense (Reuters)
  • EU Turns Schadenfreude Up to Maximum After May Election Disaster (BBG)
  • Dollar cleans up as UK election shock stuns sterling (Reuters)
  • Trump tweets on Comey, declares ‘total vindication’ (AP)

Frontrunning: May 11

  • After Comey, Russia Probe Escalates (WSJ)
  • Comey Firing Distracts Trump White House, Risking His Agenda (BBG)
  • Trump wanted to preview Comey's Senate testimony (Reuters)
  • Traders Ask What Will Rouse Markets When Trump and Twitter Can't (BBG)
  • EU Raises Growth Forecasts but Cites Threats From Brexit, Trump (WSJ)

Key Events In The Coming Week: Inflation, Spending In The Spotlight

With the French election now finally in the rearview mirror, this week's focus is on global inflation releases, with the spotlight falling on the US and China. We also have BoE and RBNZ rates meetings. In other data we note industrial production in the Eurozone, UK and Norway along with US retail sales and Fed speakers.