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Trade the News - U.S. Market Update U.S. Market Update
Dow -31 S&P -7 NASDAQ -4.2
- Weakness in Asian markets and another large write off by Citigroup spurred continued flight safety trades in the early going. S&P futures were down more than 10 handles heading into the open led by weakness in financial stocks. C -4.6% GS -3.4% MS -4. 8% BAC -1.5% XLF -1.5% The Hang Seng gave back more than 5% in the overnight leading to extended weakness in Chinese ADRs. CAAS -4% CISG -8% LFC -5.5% CHU -7% BHIP -8% LFT -4% FUQI -6.5% EJ-4% Money has found a home in some of the more defensive groups like select consumer staples which has helped indices recover from their worst levels. KFT +1% GIS +0.3% PG +00. 6% BUD +0.5% Bonds have not been the beneficiary early equity weakness. Short maturities have held up better than long durations. The long bond yields 4.63% almost 100BP higher than the 2-year. Energy futures are lower across the board but Dec crude remains near $95.
- In currencies, the weekend announcement that Citigroup would take an additional $8-11B in write-downs and coupled with chatter that China would formally abandon plans to allow mainland citizens to participant in Hong Kong equity markets sent global equity prices sharply lower as the trading week began. The JPY related pairs continued to inversely mirror the stock price movements. Contributing to credit market woes was the termination of merger talks between Qatar's Delta two and UK's Sanbury. Delta Two cites that deterioration'' in the credit markets and demands by the U.K. supermarket chain's pension fund made the deal too expensive as well as potential consumer buying trends concern. USD/JPY tested the 114 handle in early NY, EUR/JPY probed below the 165 level. JPY holding some key technical trend lines resulting from the August subprime market crisis (aided by talk that the Japanese Postal System was selling JPY. The EUR/USD did manage to post fresh all-time highs at 1.4530 during the Sydney session following the Citibank subprime related writes downs. European Currencies were heavy as a result of JPY related buying via carry-trade pairs. Fed's Mishkin noted that the falling USD is a factor for inflation.
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GVI Trading. Potential Price Risk Scale
Mon 23 July 2018
AA: Major, A: High, B: Medium
A 14:00 US- Existing Homes Sales
Tue 24 July 2018
Wed 25 July 2018
A 08:00 DE- IFO Survey
A 14:00 US- New Homes Sales
A 14:30 US- EIA Crude
Thu 26 July 2018
AA 11:45 EZ- European Central Bank Decision
A 12:30 US- Weekly Jobless
A 12:30 US- Durable Goods
Fri 27 July 2018
AA 12:30 US- GDP
A 14:00 US- Final University of Michigan
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