Global Morning Highlights

by QuantalyticsResearch

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  • Global stocks appear to be shrugging off the Trump-Kim summit as investors shift their focus to the US FOMC decision on Wednesday, the European Central Bank (ECB) decision on Thursday and the Bank of Japan (BOJ) policy decision on Friday
  • US equity index futures are declining this morning with the Dow Jones minis -0.17%, S&P500 minis -0.11% and Nasdaq 100 minis -0.11% — trading near their pre-market low today
  • This morning’s May CPI release will be closely followed as investors speculate about the “hawkishness” of US Fed policy in the coming months
  • The VIX remains relatively muted at 12.47 up from yesterday’s close of 12.35
  • SPY June 15 OTM Calls, Weatherford International (WFT ) June 15 OTM Puts, EEM June 15 OTM Puts, EEM July 20 OTM Calls and QQQ January 18 OTM Puts are the most heavily traded options contracts in the US pre-market this AM
  • The yield on the US 10-year government bond is little changed at 2.966%
  • The USD$ Index is flat with only the JPY¥ -0.22% and ZAR -0.22% the notable movers among major currencies
  • European stocks are little changed with a negative bias ahead of the NY open with the Euro Stoxx 600 +0.06%, FTSE 100 -0.27%, CAC 40 -0.22% and DAX +0.02%
  • The ECB decision this Thursday for interest rates (and its quantitative easing policy) is driving investor sentiment in Europe this AM
  • Commerzbank stock strategists see European stocks outperforming their US counterparts in 2H2018
  • The VSTOXX, the European stock equivalent of the VIX, is down to 13.9055 after trading through 16 on Friday
  • Italian 10-year sovereign yields are down 3.1 basis points to 2.791%
  • Asia stocks failed to react to the conclusion of the Trump-Kim summit with the Nikkei 225 +0.33%, Hang Seng +0.13%, Hang Seng China Enterprise +0.28%
  • The Kospi closed down 0.05% as investors reaction to the Trump-Kim summit was tepid with limited details about the next steps

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