Morning 4-30

Overnight news:

China PMI missed consensus but fell within the range of expectations, Spoos dropped about 6 handles on the release and copper down .5%  Shghai closed +.5% Chinese markets closed for remainder of Week. Due to holiday

Eurozone GDP beat consensus   .4%  f/c .3% markets  paid little attention to release, what caught the markets attention was Italian GDP released at 5:00 A.M. which showed a positive number thus signaling  Italy is out of a recession and giving a boost to ”risk”. Stoxx 50 rallied some .5% and the Mib rallied .6% post release.

Google or alphabet reported disappointing earnings stock at one point down almost 8%.  Other side solid earnings from McDonalds, Visa, and Merck will cause the SPX to outperform Nasdaq.

German CPI, just release beat expectations handily 2.1 vs 1.7%, add this to Italian GDP beat and the talk of Stimulus from ECB may go quiet. Bunds -60 ticks Euro +30 ticks or so. Dollar index -.3% looking at 3rd consecutive down day

Crude  and Brent both +1.4% as Saudi Arabia hinted at keeping supply cuts in place till end of the year. Venezuela’s opposition leader Guaido calls for military Uprising in a video with soldiers.

 Other markets show Gold +.5% copper +.9%, Silver +.6%. Spoos little changed NASDAQ recoup losses down only 10 handles. Month End today and European holiday tomorrow could cause some action Around the European /London closes. FOMC meeting tomorrow likely to have a dampening impact on today’s trade

Calendar:

  • 7;30 Employment cost index
  • 8:45 Chicago PMI
  • 9:00 pending home sales and Consumer Confidence
  • 3:00 apple earnings

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