From Marc to Market:
Overview: San Francisco Federal Reserve President Daly spoke aloud what many are thinking. The US labor market may be at an inflection point. The four-week moving average of weekly jobless claims is at the highest since last September and the early call for July nonfarm payrolls is about 185k, which if true, would be a sub-200k reading for the second time in three months. The high-flying Nvidia has fallen has dropped 13% in the past three sessions coming into today. The 10-year US Treasury yield is near its Q2 trough (~4.20%). European political uncertainty and the threat of Japanese intervention are also factors. The dollar is narrowly mixed today is +/- 0.1% against most of the G10 currencies. It is consolidating in about a 25-tick range around JPY159.45. The euro is little changed and the French 10-year premium over Germany is near its lowest level in more than a week.
Equities in Asia Pacific mostly traded high and the MSCI index for the region snapped a three-day slide. Among the large market, only China's did not participate in today's advance. Europe's Stoxx 600 is also struggling. It is giving back nearly half of year's roughly 0.75% gain. Futures on the S&P 500 and the NASDAQ are trading firmer after yesterday's losses, and the Dow is trading slightly lower after yesterday's gains. European benchmark 10-year yields are 1-3 bp lower, while the 10-year US Treasury yield is little changed near 4.24%. Gold is little changed near $2333 and its trading in the upper end of yesterday's narrow range. August WTI edged a little closer to $82 a barrel but was turned back and is trading near $81.25....
....MUCH MORE
