Morning 6-12

News:

  • Protests in Hong Kong against an extradition bill growing in number and severity as Streets closed, thousands protest and battles with police are commonplace, Stocks in Hong Kong -1.7%
  • Trump  Said he is the one holding up trade deal and wants China to return to terms agreed upon earlier this year (BB).Reuters saying  “Expectations low for Xi-Trump talks preparations are limited “
  • API reported a surprise build in oil stocks further evidence of ample oil supplies. Japan PM on way to Iran to try and Soothe tensions between U.S. and Iran     CL -2.7% Brent -2.5%

Sour Sentiment for Risk Today Spoos down 9 handles, Dax -.65 Cac -.8 Oil and gas sector -1.8% and banks -1.3% your leading sector decliners in Europe. Bunds a small Bid and treasuries trading higher 75% Chance for July cut   and 92% for June is unchanged from yesterdays close, let us see if today is CPI reading can change this .Growing sense that Trade deal sentiment is turning more pessimistic is likely excuse for today’s negative trade.

Copper -.3%, Gold +.5%   Corn tried to bounce after yesterday’s Bullish USDA number but today trading little changed. Dollar index steady to higher.Could be a choppy trade day unless a tape bomb rattles things or CPI is a big miss.

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