In a trend observed every day this week, S&P futures are slightly in the red ahead of a post-open ramp with the VIX rising to 9.91, as Asian shares climb, European stocks are little changed. WTI crude pares recent gains, slipping below $51 after API showed an unexpected crude build. Earnings season launches with bank earnings reports from JPMorgan and Citigroup, while Economic data include PPI figures, jobless claims.
S&P500 futures point to a slightly lower open, as Asian stocks rise to trade near decade highs, with Japan’s Nikkei 225 closing at highest since 1996. European stocks are little changed, with Spanish shares gaining after Catalan President rows back from an immediate declaration of independence. MSCI's all-world stocks index briefly hit a fresh record high in opening European trading as a 1.5% jump in Spain's IBEX added to a 10-year high set by Asian shares overnight.
Submitted by John Mauldin of Mauldin Economics
Uncle Sam’s Unfunded Promises
Here’s a surprisingly profound question: What is a promise? Dictionaries offer various definitions. I like this one: “An express assurance on which expectation is to be based.”
Looks like Russian President Vladimir Putin is back at it.
The Wall Street Journal reported Thursday that hackers working for the Russian government have stolen data describing how US intelligence agencies infiltrate foreign computer networks and how they defend against cyberattacks. The data were stolen after a National Security Agency contractor removed the highly classified material and put it on his home computer, according to WSJ’s anonymous sources.
Global markets came off record highs, trading subdued, with US index futures unchanged as traders are unwilling to make major moves ahead of today's ECB minutes and tomorrow’s NFP release, and before speeches by central bankers including SF Fed President John Williams and the potential next Fed chair Jerome Powell, as well as ECB executive board members Peter Praet and Benoit Coeure.