Morning 5-28

From market watch  “Bitcoin , the cryptocurrency holds the title of one of the best-performing assets of 2019, up 140% year to date and up 70% in May alone. (Note, fellow cryptocurrency Litecoin (LTCUSD)  is up 286% in 2019 so far).

 Stocks and risk Soft today as Worldwide and U.S. markets try to get back in harmony after memorial day holiday, EU elections haven’t changed things too much, In U.K, parliament is to divided to get on with Brexit regardless who will become the Next prime Minister. The standoff between Italy and EU officials not ending soon as “EU officials considering proposing a disciplinary procedure for Italy next week over its failure to rein in debt “- BB. BTPs -50 ticks but off session lows. Dax and, US stocks little Changed, Shanghai Closed, +.6%.

  Bonds and bunds on the other hand trading much higher than one would predict with Risk steady. Bund yields  new YTD lows of -.14% ,lowest since late 2016.US 5s,10s and 30s all new YTD low yields and lowest since late 2017(5,10 and 30s) A bit of momentum play as yields broke below 2018 lows as  forced buyers ? Have stepped in. A double auction today 2s at 10:30 and 5s at noon. No clear breakthroughs in US China trade talks over weekend in fact president trump said the”U.S. not ready to do A deal “, the end of the June G20 gathering appears to be the day when we could find out whether a deal is close to be completed  or out of reach.

 Dollar steady to higher, Crude oil and Brent out of sorts a bit, yesterday’s Brent Front month Cal spread closed at contract highs  as supply worries and expiration propel that spread higher.. Gold -$5, and Silver -1.5%. Back on the Boil as Bloomberg headlines speaks of Corn +2.35% as rain continues to fall, Soybeans +1.5% and Wheat +3.6% From Allendale ,Inc. “Grain markets jumped higher again as strong, weekend storms continued to pour heavy rains across a large part of the U.S. growing region and threatens to slow an already delayed planting season. Above-normal rainfall is expected across most of the Midwest and Plains farm belt over the next 15 days, further delaying planting of corn and soybeans and potentially damaging the quality of the developing winter wheat crop, forecasters said. 

Calendar:

9:00 Consumer confidence

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