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Frontrunning: August 19

  • European shares, oil ease as markets return to Fed-watching (Reuters)
  • Brent crude slides, but on track for third week of gains (Reuters)
  • Rio 2016: Lochte’s Teammates, USOC Join With Police in Discrediting Robbery Story (WSJ)
  • OPEC Freeze Wouldn’t Be So Potent as Gulf Rivals Pump More (BBG)
  • Hackers targeted Trump campaign, Republican Party groups (Reuters)

Futures Rise, Global Stocks Flat After Ugly Chinese Economic Data

One day after all three US indexes hit record highs for the first time since December 31, 1999, US equity index futures, European stocks and Asian equities are little changed after the Nikkei jumped on the back of a Yen weakness, while China reported disappointing economic data and the PBOC suggested that the flood of new debt is slowing which pushed Chinese stocks higher by 1.6% on hopes of more stimulus.

US Futures Flat; Bonds Rise, Dollar And Oil Slide Over US Productivity Collapse Fears

Following yesterday's muted action which saw the S&P500 close unchanged, it has been more of the same listless trading overnight, with US equity index futures little changed as the Nikkei fell on the back of a stronger Yen, while government bonds rose and European stocks reversed early gains following the BOE failed bond monetization operation. Crude oil dropped for a second day after Saudi Arabia told OPEC that it pumped a record 10.67 million barrels of oil a day,

Frontrunning: July 29

  • Yen, bond yields rise as Bank of Japan action underwhelms (Reuters); Bank of Japan Takes Modest Easing Action (WSJ)
  • Hong Kong shares end lower as BOJ disappointment sweeps Asia (Reuters)
  • Accepting White House nomination, Clinton offers 'clear-eyed' vision (Reuters)
  • Two Conventions, Two Distinct World Views (WSJ)
  • Democrats Emphasize American Exceptionalism at Convention (BBG)
  • Clinton’s Image Among Democrats at a Historic Low (WSJ)

Frontrunning: June 17

  • Sell-off abates as Brexit opinion seen shifting (Reuters)
  • IMF chief Lagarde says economic risks bigger if Britain leaves EU (Reuters)
  • U.S. State Department Officials Call for Strikes Against Syria’s Assad (WSJ)
  • St. Louis Fed's Bullard says U.S. may only need single rate hike for now (Reuters)
  • A Life of Violent Threats Paved Way for Orlando Attack (WSJ)

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 Continue To Plunge As Central Banks Disappoint, Brexit Looms

Futures on the S&P 500 slipped 0.3%, as U.S. equities are on track to extend losses for a sixth day.  Europe's Stoxx 600 fell to a four-month low, sliding 1% for its sixth decline in seven days, and U.S. crude retreated for a sixth day in the longest losing streak since February. Bond yields sank to records in Germany, Australia after Japan as Federal Reserve Chair Janet Yellen said next week’s U.K. vote on European Union membership was a factor in the decision to hold interest rates steady. The Yen surged more than 2% as the Bank of Japan refrained from adding any new stimulus,

Frontrunning: June 15

  • Osborne Warns of Brexit Tax Toll as ‘Leave’ Gains in Polls (BBG)
  • Clinton wins D.C. primary, has 'positive' meeting with Sanders (Reuters)
  • Federal grand jury could charge wife of Orlando shooter (Reuters)
  • Brexiteers swiftly closing in on Remain as poll reveals there’s just one point between the two sides (Sun)
  • Trump gains slightly on Clinton after Florida attack: Reuters/Ipsos poll (Reuters)

Frontrunning: June 10

  • Bund Brexit rally puts zero yield firmly in sight (Reuters)
  • Investors Shed Assets as Government-Bond Yields Hit Fresh Lows (WSJ)
  • Stocks Retreat With Oil as Record-Low Bond Yields Point to Angst (BBG)
  • Oil prices ease from 2016 highs on stronger dollar (Reuters)
  • Puerto Rico Debt Crisis Bill Passes U.S. House (WSJ)

Frontrunning: June 3

  • World stocks edge toward one-month high; U.S. jobs data eyed for Fed clues (Reuters)
  • Commodities Stand on Brink of Bull Market After Oil’s Recovery (BBG)
  • Brent crude oil holds above $50 on signs of rebalance (Reuters)
  • Clinton attacks Trump's foreign policy as a threat to U.S. safety (Reuters)
  • Trump strikes back at Clinton's 'phony' speech (Hill)
  • "We want food!', Venezuelans cry at protest near presidency (Reuters)

Futures Flat Ahead Of Strike-Impacted Jobs Report; Commodities Approach Bull Market

After yesterday's two key events, the ECB and OPEC meetings, ended up being major duds, the market is looking at the week's final and perhaps most important event of the week: the May payrolls report to generate some upward volatility and help stocks finally break out of the range they have been caught in for over a year.

Global Markets Flat, Coiled Ahead Of Today's Risk Events: OPEC And The ECB

There are just two drivers setting the pace for today's risk mood: the OPEC meeting in Vienna which started a few hours ago, and the ECB's announcement as well as Mario Draghi's press statement due out just one hour from now. Both are expected to not reveal any major surprises, with OPEC almost certainly unable to implement a production freeze while the ECB is expected to remain on hold and provide some more details on its corporate bond buying program, although there is some modest risk of upside surprise in either case.

Frontrunning: June 1

  • Japan PM delays sales tax hike, puts fiscal reform on back burner (Reuters)
  • Japanese Shoppers Keep Wallets Shut Despite Sales-Tax Delay (BBG)
  • Global stocks limp into June on oil and data slips (Reuters)
  • Euro zone factory growth remained tepid in May - PMI (Reuters)
  • China's factories steadying but weak, hopes for quick recovery fade (Reuters)

Global Stocks, US Futures Slide On Mediocre Manufacturing Data, Yen Surge

Following the latest set of global economic news, most notably a mediocre set of Chinese Official and Caixin PMIs, coupled with a mix of lackluster European manufacturing reports and an abysmal Japanese PMI, European, Asian stocks and U.S. stock index futures have continued yesterday's losses. Oil slips for 4th day, heading for the longest run of declines since April, as OPEC ministers gather in Vienna ahead of a meeting on Thursday to discuss production policy. The biggest winner was the Yen, rising 1%, with the USDJPY tumbling overnight and pushing both the Nikkei 1.6% lower and weighing on US futures.