Morning 8-12

 Market angst causing risk Off, News affecting sentiment in no order of Importance:

  • Honk Kong Protests continue as HK airport shut down and Flights canceled. China spokesperson “first signs of terrorism starting to appear” BBG
  • The Yuan Fixed lower aging this morning, the second day in a row on the wrong side of the “seven “handle
  • New loans and aggregate financing Numbers from china disappointed
  • Global economic outlook darkens amid escalating trade dispute, IFO says – Rtrs.
  • Lack of G7, IMF support seen dimming impact of U.S. move on China’s Yuan – Rtrs.
  • Current argentine president Merci, fared poorly in local elections fear is that he will lose national election and a less the market friendly Candidate will take his place Argentine peso called much lower as are local bonds and stocks.
  • South Korea dropped Japan as a Most favored trading partner, continuing A minor trade skirmish between both countries
  • Goldman They See” chance of a trade deal before 2020 election fading, they cut  4th quarter growth forecast and Increased there recession probability “(BBG)
  • Italy a bright spot  a political fears subsiding a bit ,BTPs +80 ticks

 European stocks trading in the red, the banking and Auto sector leading decliners, NKY closed  +.4% Spoos and Nasdaq  trading lower by .6% European benchmark yield steady to lower, US 30 year yields -5.6 Bps, 2 year yields -5 bps a steady curve. Gold  small bid +.9% but silver steady. The economic calendar finally brightens up this week as some top tier data to be released. CPI tomorrow and then retail sales and Unit labor costs on Thursday, out of Europe EZ and German GDP to be released on Wednesday morning. A Major Crop report today at 11:00,  USDA  had to resurvey farmers after the rain soaked spring   all eyes on the size of Corn crop today. Live cattle offered limit down as a fire at a major beef plant in Kansas backs up supply.

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