The Fuse
What are futures doing?
Seeing some green on the screen with ES futures up moderately, Nasdaq and Industrials also posting gains. Today kicks off the second to last Fed meeting of the year. Earnings are the big story of course, and that will be responsible for moves leading up to tomorrow’s policy decision.
News
Very slight gains in Europe with STOXX up .1%, Germany and France a bit higher. FTSE was down. Gold, silver and crude oil just off a touch, the US dollar traded up overnight. Yields are falling this am, with German bunds off 1.5bps and US 10 yr treasuries now hovering below 5%. In Asia, Japan with robust gains, up 2.4% but Shanghai and Hong Kong sporting losses.
Volatility
The VIX came down a bit yesterday and is retracting again this morning as some volatility sellers are getting active. It is possible they are jumping ahead of the fed decision and big earnings where we could see an easing of anxiety and tensions.
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