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Aug 26 - Turnaround Tuesday as China Cuts Rates
EMOTION MOVING MARKETS NOW: 3/100 EXTREME FEAR
PREVIOUS CLOSE: 3/100 EXTREME FEAR
ONE WEEK AGO: 14/100 EXTREME FEAR
ONE MONTH AGO: 10/100 EXTREME FEAR
ONE YEAR AGO: 34/100 FEAR
Put and Call Options: EXTREME FEAR During the last five trading days, volume in put options has lagged volume in call options by 10.17% as investors make bullish bets in their portfolios. However, this is still among the highest levels of put buying seen during the last two years, indicating extreme fear on the part of investors.
Market Volatility: EXTREME FEAR The CBOE Volatility Index (VIX) is at 36.02 and indicates that investors remain concerned about declines in the stock market.
Stock Price Strength: EXTREME FEAR The number of stocks hitting 52-week lows is slightly greater than the number hitting highs and is at the lower end of its range, indicating extreme fear.
PIVOT POINTS
EURUSD | GBPUSD | USDJPY | USDCAD | AUDUSD | EURJPY | EURCHF | EURGBP| GBPJPY | NZDUSD | USDCHF | EURAUD | AUDJPY
S&P 500 (ES) | NASDAQ 100 (NQ) | DOW 30 (YM) | RUSSELL 2000 (TF) | Euro (6E) |Pound (6B)
EUROSTOXX 50 (FESX) | DAX 30 (FDAX) | BOBL (FGBM) | SCHATZ (FGBS) | BUND (FGBL)
MEME OF THE DAY – IT’S THE JERKS
UNUSUAL ACTIVITY
KING vol pop to highs SEP 14 CALL ACTIVITY @$.20 2000+ Contracts
PFE NOV 38 CALLS block @$.24 on offer 19713 Contracts
HZNP SEP 30 CALLS block @$1.45 on offer 3900 Contracts
UNFI President and CEO Purchase 5,500 @$45.24
CMRX Director Purchase 1,000 @$47.38
HEADLINES
Turnaround Tuesday as China cuts rates
PBOC cuts rates by 25 bps, RRR by 50 bps
PBOC: Economy still facing downwards pressure
China Premier Li: We have the ability to hit annual economic targets
China Premier Li: No Basis For Continued CNY Depreciation
Questions over Li Keqiang's future amid China market turmoil --FT
US CBO improves deficit view, sub-2% PCE seen to mid-2017
Fed Discount Rate Mins: 5 Fed banks vote for discount rate hike, 6 vote to hold, 1 votes for cut
US Consumer Confidence Index Aug: 101.5 (Est 93.4; Rev Prev 91.0)
US New Home Sales Jul: 507k (Est 510k; Rev Prev 481k)
US New Home Sales (MoM) Jul: 5.40% (est 5.80%; rev prev -7.70%)
US FHFA House Price Index (MoM) Jun: 0.20% (Est 0.40%, prev 0.40%)
US Richmond Index Aug: 0 (est 10; prev 13)
ECB Constancio: ECB ready to act if inflation outlook changes materially
ECB Constancio: European stocks are 'fairly valued'
GOVERNMENTS/CENTRAL BANKS
Fed Discount Rate Mins: Five Fed banks renew calls for discount rate hike
Fed Discount Rate Mins: Minneapolis Fed again votes to cut discount rate by 25bps
Fed Discount Rate Mins: Six banks voted to hold discount rate
US CBO improves deficit view, sub-2% PCE seen to mid-2017 --MNI
FED COMMENT: Summers, Dalio raise prospect of QE4 from the Fed --FT
BoC Schembri: Canada macroprudential housing policy is working --BBG
ECB Constancio: ECB ready to act if inflation outlook changes materially --Rtrs
ECB Constancio: Chinese economy is not decelerating strongly --Rtrs
ECB Constancio says European stocks are 'fairly valued' --FT
ECB: E949.0m borrowed using overnight loan facility --Livesquawk
ECB: E162.3bn deposited overnight --Livesquawk
Ifo economist: China to be bigger factor for German business --Rtrs
Japanese PM Advisor Hamada: BoJ should consider acting if yen rises sharply --WSJ
Senior Japan ruling party member Toshihiro Nikai calls for fiscal spending amid stocks rout --ET
Swiss parliament panel grills SNB's Jordan on negative rates impact --Rtrs
CHINA
China cuts RRR ratio by 50 bps to 18%, effective 6 Sept --BBG
China cuts 1yr deposit rate and lending rate by 25 bps each --BBG
PBOC Removes fixed deposit rate ceiling for more than 1yr --BBG
PBOC: Economy still facing downwards pressure --BBG
PBOC: Cuts will provide long term liquidity --BBG
PBOC gauges MLF demand this week --BBG
China plans to cut stamp tax on stock trading to 0.05% --Hexun via BBG
China Premier Li: We have the ability to hit annual economic targets --MNI via ForexLive
China Premier Li: No Basis For Continued CNY Depreciation --MNI via ForexLive
Questions over Li Keqiang's future amid China market turmoil --FT
Germany EcoMin Gabriel: German economy has no fear for Chinese turmoil -ForexLive
France EcoMin Macron: China poses risks to global economic recovery --ForexLive
FIXED INCOME
US sells 2-year notes to tepid demand --Rtrs
Fed RRP $73.2bn, 32 bidders (prev $73.8bn, 32 bidders) --Livesquawk
Bund hit after China rate cut lessens need for safety --FT
UK DMO to sell £3.75bn 1.5% 2021 gilt on 2/Sept --Livesquawk
Eonia settles at -0.135% (prev -0.126%) --Livesquawk
FX
USD: Dollar recovers against euro, yen --MW
EUR COMMENT: The Euro Emerges as Unlikely Safe Haven --BBG
JPY: Japanese PM Advisor Hamada: BoJ should consider acting if yen rises sharply --WSJ
ENERGY/COMMODITIES
CRUDE: WTI futures settle 2.8% higher at $39.31 per barrel --Livesquawk
MARKETS: Commodity prices pushed higher after China cut --FT
CRUDE: Oil rallies but still near six-and-a-half-year lows --Rtrs
CRUDE: Iran's oil investments shrink on crude slump --BBG
CRUDE COMMENT: Opec 'feels the heat' on oil, but will it cut? --CNBC
CRUDE: BP restarts large crude distillation unit at Whiting --BP
METALS: Trafigura to exit LME's metals storage business --FT
EQUITIES
MARKETS: US stocks soar at open after market tumult --FT
POLICY: ECB's Constancio says European stocks are 'fairly valued' --FT
M&A: Nippon Life to pay Y300-Y400bn for Mitsui Life --Nikkei via BBG
M&A: Monsanto ups bid for Syngenta --CNBC
EARNINGS: Best Buy shares soar after earnings beat --CNBC
O&G: BHP Billiton posts worst profit in 11 years, maintains dividend --SMH
INDUSTRIALS: Boeing looks through turbulence with rosy China view --FT
FX: GE will seek compensation for FX loan conversion in Poland --BI
EMERGING MARKETS
CHINA: Shanghai Comp closed down 7.6% before (before PBOC cut rates) --BBC
RUSSIA: Russia Cuts 2015 Outlook But Sees Growth In 2016 --MW
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