+

Cookies on the Business Insider India website

Business Insider India has updated its Privacy and Cookie policy. We use cookies to ensure that we give you the better experience on our website. If you continue without changing your settings, we\'ll assume that you are happy to receive all cookies on the Business Insider India website. However, you can change your cookie setting at any time by clicking on our Cookie Policy at any time. You can also see our Privacy Policy.

Close
HomeQuizzoneWhatsappShare Flash Reads
 

What Are Traders Chatting About This Morning? The Jobs Report ...

Jan 9, 2015, 17:59 IST

Good morning on Jobs Day in America. From Dave Lutz at JonesTrading, here's a quick look at what traders are talking about this morning:

Advertisement

Good Morning, and Happy NFP Friday! Consensus at 240k Whisper at 262k, yet 7 of Bloomberg's top 9 forecasters are all lower than the street. The U.S. has added at least 200,000 jobs a month for 10 straight months. US Futures are starting slightly weaker ahead of the print - but EU markets are all red, the DAX off 60bp and STOXX off 1.5% in heavy volume as the EU Fins under are under sharp pressure, losing 3% led by Santander's €7.5B Overnight Offering, stock off 10%. Chatter RBS raising £2B has it off over 3% now. Common theme developing, prob see a rotation towards US Fins, especially if the Yield Curve starts steepening - a major tailwind. Athens being your one bright spot, gaining 3% on some short-covering into this weekend's press and polls. Over in Asia, Russia is off 3% (downgrade imminent and weak Oil), and there was a volatile session on the Shanghai, with an initial surge of 3% surrendered to close down 20bp. Aussie jumped 1.6% as Energy names rebound, while the Nikkei gained small as a stronger Yen held back their exporters. 

The US 10YY is back at 2%, while German yields are slightly higher as reports hit the ECB looking at a €500bln of buying, seems to be disappointing markets a bit. The Dollar is retreating slightly from 9year highs, more dovish comments from FOMC Voters - Kocherlakota said last night raising interest rates this year would crimp a rebound in inflation. Despite this tailwind, Oil is weaker, more OPEC nations saying no output cut, and increased Export chatter from USA. Natty gas failed overnight to get above $3, but is holding most of yesterday's post-inventory gains. With the $ weaker, Gold holds its bid over the 100dma. Scheduled Catalysts today include the Employment report at 8:30, The Baker Hughes Rig Count at 1, Fed's Lacker to Deliver Speech on 2015 Economic Outlook at 1:20, and around that time President Obama speaks in to highlight education initiatives. Sometime this afternoon the House to vote on Keystone - and we close with the "Commitment of Traders" data at 3:30. Bloomberg says at some point today the Supreme Court may issue list of new cases it's going to consider.

You are subscribed to notifications!
Looks like you've blocked notifications!
Next Article