Futures Rebound Despite Trump's Huawei Ban, Yuan Slides For Record 12th Day*

• See cap#3

It has been a session of two halves. Early on European and Asian stocks fell, government bond yields slipped and the Japanese yen firmed. Amid fresh trade war concerns, the European Stoxx 600 index fell as much as 0.5% in early European trading with the German DAX down 0.4%, while U.S. equity futures were initially down 0.4%.

The broad early weakness in European markets was offset by small gains in Chinese and Hong Kong stock indexes leading to only marginal losses on a global stock index as investors expected - what else - state authorities to step in to support the market and stabilize sentiment.

Pepe convinced they are already doing this but since the debt and equity problem is China is larger it is not having the desired effect-a dropping currency does not make it any easier too.

The initial weakness, however, reversed shortly after the European open, when with no fundamental reason, a wave of buying lifted the Emini, and US Treasuries erased a gain while European stocks also reversed a drop as a rally in chemicals and mining companies helped drive up the rebound.

S&P futures, trading at session lows of 2,840 at the Europen open, have jumped 25 points in a few short hours, with US equity futures now trading at session highs, even as China is expect to announce a response to yesterday's executive order by Trump which effectively banned Chinese telecom companies from operating in the US.

see cap#4 for long end of curve-getting moar space for the time being.

In rates, yields on 10-year U.S. Treasury bonds eased as low as 2.35%, near a 15-month low of 2.340% touched on March 28, however, just like stocks, they have since rebounded sharply, and were last seen rising as high as 2.39%. According to Bloomberg, treasuries were under pressure in early New York trading after a $630k/DV01 block trade in 10-year futures; they were mostly underpinned in Asia session and London morning as Europe outperformed, notably France following solid auctions. As a result, yields were cheaper by 0.5bp to 2.5bp across the curve with short end leading the sell-off after 2-year and 5-year yields closed at year-to-date lows on Wednesday; 10-year yields higher by ~1bp at 2.385%, 2s10s and 5s30s flatter by around 1.5bp. Looking at the short-end of the curve, Fed funds rate futures continue to fully price in a rate cut by the end of this year and more than a 50% chance of a move by September.

'gee where have you heard this before?-even money sine the FRB lowered the discount rate-welcome to two week's ago says pepe.

Oil was juiced upwards last night on the opening of WW trade on low volume, see cap#5 and just to the right of the current volume sticks.

Market Snapshot

S&P 500 futures up 0.3% to 2,864.50

STOXX Europe 600 down 0.2% to 377.45

MXAP down 0.3% to 154.86

MXAPJ down 0.2% to 508.98

Nikkei down 0.6% to 21,062.98

Topix down 0.4% to 1,537.55

Hang Seng Index up 0.02% to 28,275.07

Shanghai Composite up 0.6% to 2,955.71

Sensex up 0.3% to 37,221.67

Australia S&P/ASX 200 up 0.7% to 6,327.84

Kospi down 1.2% to 2,067.69

German 10Y yield fell 1.7 bps to -0.115%

Euro up 0.1% to $1.1215

Brent Futures up 0.8% to $72.33/bbl

Italian 10Y yield rose 1.8 bps to 2.373%

Spanish 10Y yield fell 4.5 bps to 0.91%

Brent Futures up 0.8% to $72.33/bbl

Gold spot up 0.03% to $1,296.91

U.S. Dollar Index down 0.07% to 97.50

'''US Event Calendar

8:30am: Housing Starts, est. 1.21m, prior

1.14m; Housing Starts MoM, est. 6.15%,

prior -0.3%

8:30am: Building Permits, est. 1.29m, prior

1.27m; Building Permits MoM, est. 0.08%,

prior -1.7%

8:30am: Philadelphia Fed Business

Outlook, est. 9, prior 8.5

8:30am: Initial Jobless Claims, est. 220,000,

prior 228,000; Continuing Claims, est.

1.67m, prior 1.68m

9:45am: Bloomberg Consumer Comfort,

prior 59.8

https://www.zerohedge.com/news/2019-05-16/futures-rebound-despite-trumps-huawei-ban-yuan-slides-record-12th-day

https://www.bloomberg.com/markets/stocks/futures

https://www.marketwatch.com/investing/bond/tmubmusd30y?countrycode=bx

The Fed we’ll hear from Kashkari at 5.05pm BST when he is due to discuss monetary policy and the economy and then Brainard at 5.15pm BST who will be talking about a similar topic.

Kashkari was the number 2 at SIGTARP and did fuck all nothing to police TARP resulting in that theft-fucking worthless-STFU.

EU fines Barclays, Citi, JP Morgan, MUFG and RBS $1.2 billion for FX rigging

BRUSSELS (Reuters) - The European Union fined Barclays, Citigroup, JP Morgan, MUFG and Royal Bank of Scotland a combined 1.07 billion euros ($1.2 billion) on Thursday for rigging the multi-trillion dollar foreign exchange market.

Banks have been hit with billions of dollars in fines worldwide over the last decade for the rigging of benchmarks used in many day-to-day financial transactions, further damaging the industry’s fragile reputation after the financial crisis.

The European Commission said individual traders at the banks involved formed two cartels to manipulate the spot foreign exchange market for 11 currencies, including the dollar, the euro and the pound.

Citigroup was hit with the highest fine of 310.8 million euros, while Swiss bank UBS was not fined as it had alerted the two cartels to the European Commission.

“These cartel decisions send a clear message that the Commission will not tolerate collusive behavior in any sector of the financial markets,” European Competition Commissioner Margrethe Vestager said in a statement.

The EU competition enforcer said most of the traders knew each other on a personal basis and set up chatrooms such as “Essex Express ‘n the Jimmy”, which was given this name because all of them except “James” lived in Essex, to the east of London, and met on their train commute to the British capital.

The five-year investigation found nine traders spread across the banks exchanged sensitive information and trading plans in the chatrooms and occasionally co-ordinated trading strategies.

“The traders, who were direct competitors, typically logged in to multilateral chatrooms … and had extensive conversations about a variety of subjects, including recurring updates on their trading activities,” the Commission’s statement said.

The “Essex Express” cartel, which also involved a chatroom called “Semi Grumpy Old Men”, ran between December 2009 and December 2012. The second cartel - called “Three Way Banana Split” and involving other chatrooms named “Two and a half men” and “Only Marge” - ran from December 2007 until January 2013.

Information traders swapped in the chatrooms included information on their clients’ orders, the bid-ask spreads for specific transactions, their open risk positions and other details of current or planned trading activities.

Occasionally the traders would co-ordinate trading activity, for example through a practice called ‘standing down’ whereby some of the group would temporarily stop trading to avoid interfering with others, the commission said.

JP Morgan and RBS both said they were pleased to have settled the cases and that they had since made changes to their controls.

JP Morgan said it related to the conduct of one former employee and RBS that it served as a reminder of how it had lost its way in the past.

MUFG said it had also taken measures to prevent a re-occurrence.

Barclays and Citigroup declined to comment.

The “Three Way Banana Split” cartel, made up of traders at UBS, Barclays, RBS, Citigroup and JP Morgan, was handed a fine totaling 811.2 million euros.

The Essex Express group involving UBS, Barclays, RBS and MUFG, was fined a 257.7 million euro fine, with the fine against Barclays the largest for this cartel at 94.2 million euros.

Allegations of widespread manipulation in the spot foreign exchange market were first reported in 2013 following the Libor scandal in 2012 where traders were found to have been rigging the setting of interbank lending rates.

LIBOR is a survey-this is why it has always been easy to manipulate.

U.S. and British authorities have since fined seven of the world’s top banks a total of around $10 billion for trying to manipulate foreign exchange rates.

https://www.reuters.com/article/us-eu-antitrust-banks/eu-fines-barclays-citi-jp-morgan-mufg-and-rbs-1-2-billion-for-fx-rigging-idUSKCN1SM0XS

>>6512189

A big negative anon…this is not a place where that is done. Plenty of places for that and this is not one of them. Equity's are discussed on an individual basis strictly in term's of news item's and rarely are price's given. Volumes, trends and relation to the index(s) is about as far as pepe goes with dat.

Sorry.

>>6512230

taken for use later

>>6512269

pretty much all I saw in it. Wish I had the s/w and skill to do that. Did year's ago but sort of done with it now. Besides…plenty of anons do far better job than I. Can do basic one's and some deep dream one's but those easy.

Keep 'em coming and they will get used.

>>6512302

>>6512310

>Attorney General William Barr will be interviewed on the network Friday morning from El Salvador.