S&P futures are little changed following yesterday's rout even as Asian and European markets continued selling; the pound slid on poor factory data, the yen tumbled after the BOJ intervened to stabilize the JGB bond market, precious metals flash crashed early in the session, while the selloff in oil accelerated despite yesterday's massive inventory draw, although at least yesterday's sharp bond tantrum has stabilized.
It’s too bad for Norway’s ruling center-right party that Warren Buffett isn’t a resident. After becoming the object of unceasing criticism by their politicized slashing of taxes and funding a profligate spending program with the country’s oil wealth, Norway’s center-right party hit upon a novel idea: Impose a “voluntary” tax, according to Bloomberg.
After a week full of abysmal news for Tesla, which some have said is rapidly becoming the new Uber on the bad-to-worse news front, the weekend couldn't come fast enough for Elon Musk who by now is begging for the simple company of "a little red wine, vintage record and some Ambien."
A little red wine, vintage record, some Ambien ... and magic!
— Elon Musk (@elonmusk) June 7, 2017
During this morning's bond rout when a poor French auction sparked a high-volume selloff in German Bunds which also hit Japanese JGBs before slamming US TSYs, Goldman said that "with 10Y JGBs closing at 0.095 and getting hit at 10bp intraday, focus will be on how the BOJ will react tomorrow [i.e. now]. Opinions seem pretty split with some expecting an increase in purchase size in the 5-10 bucket, while others feel that the BOJ will let the 10Y run loose given the current sell off is more fundamental than event driven.
After a poor March jobs report, followed by an April scorcher, then another debacle in May, the June payrolls report due at 8:30am will be... very much irrelevant, because as Citi pointed out earlier, the Fed is now data-independent and will keep hiking until financial conditions finally tighten (read: stocks drop). In other words, with the Fed on autopilot, feel free to skip this one - it hardly matters. For what it's worth, here are the consensus expectations for tomorrow's report: