The Fuse
What are futures doing?
Futures are getting a moderate lift this morning as the bargain hunters are back, but the PPI number is going to be relevant, as it was super hot for September. Chip stocks are a bit lower and may be leading the day if there is no bid.
News
More small losses in Europe with STOXX down about .3% led down by losses in Germany and France. The FTSE was modestly higher. The US dollar was flat, gold barely up, silver and crude little changed as well. Yields are up, bunds ticked a bit higher, US 10 yr yields up to 5.13%. In Asia, Japan up 1% but China stocks were lower, the Hong Kong and Shanghai indices off slightly.
Volatility
Seeing volatility simmer down a bit into the 18’s, the term structure back in contango. That is bullish for markets, but as we saw last week it could change on a dime.
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