Morning Market Report
Interest rate futures are fully priced for a quarter-point rate cut from the Fed on Wednesday, with a tiny chance of a half-point move.
They have skewed slightly towards a bigger cut but not by much. 77% for .25bps and 23% for larger. To say this is a closely watched
meeting would be an understatement. Boston FRB Pres. will certainly vote no so that will set the tone when meetings begin tomorrow
Banks being sued for manipulating currency markets: >>7241587 Banks face $1.2 billion civil lawsuit over rigging currency markets.
In he 'ain't lying news POTUS is already talking to the FOMC and 'persuading' them: >>7241190, >>7241194 lb The Fed “raised” way too early and way too much.
Outright taunting them imo. GOOD!
Futures were flat, to slightly down in front of cash open and early action remain this way, paralyzed by inaction waiting for FOMC
The british pound or it's trading term "cable" has dropped to a 29 month low after new U.K. Prime Minister Boris Johnson’s first high-level Brexit cabinet meeting today.
No one thought very positive on taht so the sell button was pushed pretty hard.
Dominic Cummings, a key leader in the 2016 Brexit campaign, called advisers to the prime minister’s residence Friday night and told them Brexit will happen “by any means necessary,” the Times said. Cummings said Johnson is prepared to suspend Parliament or hold an election to thwart those who may seek to block a no-deal Brexit.
After initially opening lower, European shares moved into positive territory thanks to a surge for the U.K index after the London Stock Exchange Group’s investors backed its proposed $27 billion deal to acquire Refinitiv.
Because $27b deals habben every day (like friday's record high close as well) that cause it's majority shareholder Blackstone to realize a 15% gain in one day, GET YOUR SHIT TOGETHER LAST BAKER.
See this:
Five things you need to know about the LSE-Refinitiv merger
https://www.marketwatch.com/story/five-things-you-need-to-know-about-the-lse-refinitiv-merger-2019-07-29?siteid=rss&rss=1
In don't expect too much from the latest round of this news: the other key event is the restart of US-China trade talks: negotiators from Washington and Beijing will meet in Shanghai this week for their first in-person talks since a G20 truce last month
In FX, the dollar index - which measures the greenback against a basket of peers - was higher by 0.1% and at its highest since May 31.
In bonds, euro zone bond yields dipped as jittery investors eyed more U.S.-China trade talks and waited for a likely U.S. Federal Reserve interest rate cut, after the European Central Bank’s dovish signaling last week disappointed some. The benchmark German 10-year Bund yield fell more than 1 basis point to -0.3910%, not far from the record low of -0.422% touched last week.
Our Notes are slowly slipping on a downward trend in concert with this-See Cap#3. Oil started off a bit down but has now had a bug up it's ass.
In data releases only one major US release toda : 10:30am EST Dallas Fed Manf. Activity, est. -5, prior -12.1.
Silver was hit hard just in front of the NYMEX open and recovered very nicely, someone was waiting for that to habben and QUICKLY bought it up on the dip. See Cap#4
As perviously mentioned this one is moar manipulated than Gold and many trillions of dollars have been spent over the decades capping it's price.
Remember Major amounts of it were taken out of the treasury and used at Los Alamos for the nuclear program but it was NEVER physically placed back, only the paperwork says it was.
Get a hold of a digital copy or physical one of this book: ' Now It Can Be Told 'The Story Of The Manhattan Project by General Leslie Groves. It has quite the tidbits in it about the what they used and when regarding silver for the Manhattan Project.
A fairly decent movie with Paul Newman put out some years ago but that did not touch this angle.
Some Headlines
Diagnostic company Exact Sciences to buy Genomic Health in $2.8 billion deal
Exact Sciences Corp said on Monday it will buy peer Genomic Health Inc for about $2.8 billion in cash and stock, expanding the cancer diagnostic company’s testing capabilities to breast and prostate cancers.
https://www.reuters.com/article/us-genomic-health-m-a-exact-sci/diagnostic-company-exact-sciences-to-buy-genomic-health-in-2-8-billion-deal-idUSKCN1UO1AK
this was rumored on friday and the biggest shareholder Baker Bros has been off-loading shares.
See here: https://www.finviz.com/insidertrading.ashx?oc=1263508&tc=7
Part 1/2