Good Morning! US Futures are starting mixed as we await a slew of Fed Speakers today, including Chairwoman Yellen - with the S&P trying to break a funk which has seen it lose 5 times out of the last 6 sessions. That said, Overseas markets in Europe are firmly in the red, led by near 1% falls in France and Italy as earnings spark sell orders - Luxury goods mixed, with Burberry's #s attracting buyers, while Hermes is under decent pressure. The DAX is outperforming in heavy volume (25% above trend), losing only 45bp as Industrial companies outperform as Siemens Boosts Dividend and announces a Share Buyback. The FTSE is outperforming as yield groups rally, but those Miners hit again as BHP falls again in Aussie and Glencore gets smacked for 7%+ in London - dragging Antofagasta and Anglo-American 3%+ lower - and Rolls-Royce shares plunge almost 20% on #s. Over in Asia, The Nikkei closed basically unchanged and Shaghai lost 50bp - but the standout winner was Hong Kong, which shot 2.5% higher on the back of stronger China Retail Sales impact and a surge in Chinese property stocks. Aussie closed unch, India rebounded from the week's smackdown, but still no bid to be had in Korea, losing 20bp as Lenovo #s spook technology.
As we await 6 FOMC speakers today, that 10YY is off small, trading basically where it would have closed yesterday - but the Dollar continues to break due north against the basket - A Dovish Draghi wasn't enough to keep Stocks in the green, but a Combo of Draghi and weak EU industrial production weigh on Euro, pressing the common currency back near 1.07. The $/Y is breaking higher and retracing back above 123 as Japanese Machine Orders and PPI comes in light - while the A$ was the big FX mover overnight, gaining 1% on the back of strong Jobs data. The Stronger $ is a headwind for commodities, and most are firmly red - led by another sharp drop in those Industrial metals with Nickel and Copper off 1%+. The Energy complex is losing ground, with WTI testing yesterday's lows as headlines persist of a gaggle of Oil stored at sea, while the Natty complex is catching a bid ahead of inventory data later today.
We get Weekly Jobless Claims at 8:30, followed by a slew of FedSpeak: Fed's Bullard at 9:15 - Chairwoman Yellen at 9:30 - Fed's Lacker at 9:45, followed by Fed's Evans at 10:15. The energy complex then comes into focus with Natty gas Inventory data at 10:30 and DoE Data on Crude at 11am. Fed's Dudley Speaks on Economy and Policy at 12:15, just before the Treasury sells $16B in 30Ys at 1pm. We get the Monthly Budget Statement at 2, and Fed Vice-Chair Fischer Speaks on Financial Stability and Monetary Policy at 6pm tonight. Down in Washington, the Senate and House are not in session, but at high noon NASA is holding a conference call briefing on "the latest insights into how Earth is responding to rising levels of heat-trapping gases in the atmosphere, and what this means for our future climate".