Here's a super quick guide to what traders are talking about right now

Via Dave Lutz at JonesTrading, here's a quick guide to what traders are chatting about before the markets open on Thursday:

Good Morning! US Futures are under pressure, with Nasdaq off over 1%. The source of the stress comes from Germany, where DAX is off early 2% on BMW headlines X3 Emissions are 11x the EU standard. VW was trying to stage a rally, but has succumbed to the headwinds, as BMW fell 8% in trading. The FTSE is trying to outperform, but Glencore continues to slide, weighing on London equities. Consumer Discretionary the worst hit, especially in Frankfurt - as angst ramps fast on impact into Germany's economy. Over in Asia, Shanghai rallied 90bp, while the Hang Seng fell 70bp. Aussie rallied 1.5% from 2Y lows, and Japan fell 2.8% on its first session this week - Downbeat global environment and a weaker PMI. Most Emerging Markets were under pressure, and the EEM is looking at yet another down session.

The US 10YY is falling quickly, with headwinds from Germany knocking it under the 200dma, where it has successfully stages a recovery from 6 times in the last week. The $ is breaking down quickly - as Risk Off tendencies + good IFO sentiment (pre VW) push the common currency higher. Yen is in rally mode despite Abe unveiling "3 new arrows" as leverage unwinds - While the Aussie$, a key growth proxy, is getting whacked again. There is heavy FX focus on surprise easing, with both Norway and Taiwan surprising analysts with cuts overnight, exasperating fears of competitive deval in fragile EM markets. The Stronger $ is popping many commodities tho, with most metals in the green - but the "Growth" angst shows with Copper and Silver both under pressure. The Crude complex is attempting a meager pop from yesterday's headline induced weakness. I wonder if Yellen's speech writers are working overtime this AM on a re-write…

Scheduled Catalysts today include Weekly Claims, Chicago Fed Nat Activity Index and Durable Goods Orders at 8:30, New Home Sales at 10, Kansas City Fed Manf. Activity at 11, and the US Treasury is scheduled to auction $29B in 7Y notes at 1. Bear in mind due to the Pope's visit to Washington, many releases may hit the tape a few seconds/minutes late - Press lock-ups for jobless claims, durables and new-home sales have been canceled due to road closures, public transport delays and tight security. Pope Francis addresses joint meeting of Congress at 9:45, while the Senate votes on measure keeping govt open past Sept. 30 that blocks funding to Planned Parenthood at some point thereafter. All eyes will be on Fed Chair Janet Yellen's speech at 5pmET