Observations + Charts
Europe & US futures are extending their gains.
Asia traded mostly lower ex-Japan not helped by latest macro data/PMI.
Losses greatest on HK on weaker PMI w/mainland China also under pressure.
Japan reversed early losses to end higher post BOJ move.
This less hawkish decision caused the yen to tumble back above 150/$, and NKY to reverse an early sell off.
Europe trading higher w/430 remaining good support for the SXXP amid a busy macro & earnings week.
Euro GDP surprise contraction but Q2 revised up to 0.2. Core CPI in line. Not much here on first pass.
EU Cyclicals & Growth +40bps leading the thematic pad while Quality & Value -35bps.
All sectors in the green ex-Energy (BP). Real Estate, Chemicals & Tech leading the charge.
EU Luxury doing pretty well despite weak data in China. Kering under pressure on street downgrade.
Semis higher on the back of Samsung Elec comments in Asia. IFX STMPA also rebounding post ON yesterday.
DXY is about flat. Copper and iron ore are both flat-to-up small. US nat gas +130bp in the US and down ~210bp in Europe.
US futures higher w/ESZ3 +7.75, HIWZ3 +104.00, RTYZ3 +9.20 and NQZ3 +1.25.