Morning 9-15

 Good For Risk

 Also Good for Risk better than expected round of Chinese Economic data

     A bright spot on the Economic Front out of Germany ZEW expectations and Current situation beat expectations handily, going against the trend of disappointing Economic data of late. Per dlacalle news    “The Economic Sentiment Index of the European Commission for August shows that the recovery of the European economy is slowing down. Not only has the pace of recovery slowed significantly, but the data for Spain reflected evidence of being the only economy in the euro area where the index fell compared to July. If we look at the OECD leading indicator index, the evolution is also worrying. 60

Not Good for the Economy

*IEA SAYS OIL DEMAND RECOVERY SET TO SLOW FOR REST OF 2020, SEES ‘TREACHEROUS’ PATH AHEAD WITH RISING COROANVIRUS CASES

No inflation? (DJ) *FedEx Express Shipping Rates Will Increase by an Avg of 4.9% for U.S. Domestic, U.S. Export and U.S. Import   Services >FDX

Fed meeting tomorrow a light Economic Calendar today could leave market range bound and Choppy, House Moderates plan on releasing a bipartisan Stimulus bill some time today possibly? Citi to resume layoffs cutting 1% of their 200K workface, layoffs  were postponed due to Virus outbreak. Apple with a small bid premarket as the Company today likely to unveil A new apple watch, A new iPad amongst a few other new products.  Yesterday the Weyerhaeuser CEO, the Country’s largest forestry company spoke at A CEO conference and Hinted that the Supply of Logs is being Impacted by West coast forest fires.  September Lumber Expires today, Nov. Limit Bid preopen. Another member of the ECB issuing a subtle warning  about the strength of the Euro this makes 3-4 members becoming worries about the level of the Euro ,” in light of current outlook for inflation the ECB will need to remain “vigilant and carefully assess incoming information” including exchange rate developments” ECBs Panetta (IFR news)…Hurricane Sally likely to make landfall early tomorrow morning as A weak Cat 1 hurricane somewhere between new Orleans and Alabama

Spoos +.9% and Nasdaq +1.18% September Empire manufacturing Data touched highest in 1.5 years beat expectations by almost 2 standard deviations. Moe good then bad news today so far…Treasuries and Bunds a bit soft 20-year auction today will be monitored to see how much demand is there. Dollar a bi tower plenty of talk about a JPY breakout to upside JPY +.3% vs USA. Excitement surrounding the possibility of More Hog Exports losing steam per pro farmer  “Big year-over-year gains in Chinese hog herd… China’s pig herd was up 31.3% in August compared with year-ago, while its sow herd jumped 37%, the country’s ag ministry said today. This confirms reports the country’s rebuilding efforts in the wake of African swine fever is happening more quickly than many expected.  Plenty of Domestic supply to pick up shortfall

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