A sideways choppy risk market has turned into an increasing risk off market. Spoos have dropped .5% as new York came on line, Nasdaq -.7% as QCOM down 7% after company loses Antitrust ruling , Semi-Conductors likely in focus again today.AS Nasdaq turned lower Dax has followed down .4% Stoxx 50 -.5%, Copper -1.1% AS Risk off move gains Momentum. President trump has hinted at blacklisting five Chinese Surveillance Companies that will not go over well. Gold Small Bid, Bunds, +20 treasuries higher across the curve. Interest rate cut percentage stands at 77% for December up a bit from last week, Todays FOMC minutes are the highlight of a thin economic calendar do they lean Dovish Or is patience still the mantra? Mnuchin just on wire saying no Plans to travel to Beijing yet adding to the risk feel in markets
Yesterday’s API oil storage numbers bearish vs consensus Wti -1.1%.Dollar trading a bit heavy Feds Bullard said the Fed may have overdone it with December rate hike. A quiet day of Economic releases so once again all eyes on the news Wires to see what tape bombs if any appear.
Corn coming of the Boil down 20 ticks Soybeans unchanged as we await the final Word from trump on bailout of Soy farmers and Wheat down 50 ticks.
Calendar of Fed Speak
- 9:00 Williams
- 9:10 Bostic non voter
Also of note Mnuchin in front of a house panel today, so be on lookout for comments. Target earnings better than expected stock higher 6%, Lowes Not so good