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Friday, March 29, 2024

Fed Dudley: We Are A Long Way From More QE

Courtesy of ZeroHedge. View original post here.

Submitted by Pivotfarm.

EMOTION MOVING MARKETS NOW: 5/100 EXTREME FEAR

PREVIOUS CLOSE: 3/100 EXTREME FEAR

ONE WEEK AGO: 11/100 EXTREME FEAR

ONE MONTH AGO: 7/100 EXTREME FEAR

ONE YEAR AGO: 36/100 FEAR

Put and Call Options: EXTREME FEAR During the last five trading days, volume in put options has lagged volume in call options by 10.90% as investors make bullish bets in their portfolios. However, this is still among the highest levels of put buying seen during the last two years, indicating extreme fear on the part of investors.

Market Volatility: EXTREME FEAR The CBOE Volatility Index (VIX) is at 30.32 and indicates that investors remain concerned about declines in the stock market.

Stock Price Strength: EXTREME FEAR The number of stocks hitting 52-week lows is slightly greater than the number hitting highs and is at the lower end of its range, indicating extreme fear.

PIVOT POINTS

EURUSD | GBPUSD | USDJPY | USDCAD | AUDUSD | EURJPY | EURCHF | EURGBPGBPJPY | NZDUSD | USDCHF | EURAUD | AUDJPY 

S&P 500 (ES) | NASDAQ 100 (NQ) | DOW 30 (YM) | RUSSELL 2000 (TF) Euro (6E) |Pound (6B)

EUROSTOXX 50 (FESX) | DAX 30 (FDAX) | BOBL (FGBM) | SCHATZ (FGBS) | BUND (FGBL)

CRUDE OIL (CL) | GOLD (GC)

 

MEME OF THE DAY – IT’S THE JERKS

 

UNUSUAL ACTIVITY

LVS SEP 40 PUT ACTIVITY on offer @$.80 4500+ Contracts

GPRO OCT 48 PUT ACTIVITY @$5.00 right by offer 1944 Contracts

HZNP SEP 30 CALLS block @$1.45 on offer 3900 Contracts

CBS OCT 47.5 CALL Activity @$1.20 on offer 3700+ Contracts

ABT SEP 44 CALL ACTIVITY ON THE OFFER @$1.05-1.06 5100+  Contracts

RYAM Director Purchase 5,000 @$6.9

TEP Director Purchase 9,000 @$44.5

ABUS Director Purchase 1,000 @$6.95

CVX Executive Vice President Purchase 2,000 @$ 73.529  Purchase 500  @$72.37

More Unusual Activity…

 

HEADLINES

 

Fed Dudley: September rate rise less compelling

Fed Dudley: We are a long way from more QE

US July Building permits revised up to -15.5% at 1.130 units

OIS price 30% chance of Sept hike (26% yesterday)

OIS price 62% chance of Dec hike (54% yesterday)

NY Fed Economists say 89% of slack has been wrung out of US economy

Fed increasing Scrutiny of bank payment systems

ECB Praet: Downside risks to inflation path, ECB ready to act

ECB Hansson: Greek outlook brightening

Tsy yields rise after lacklustre 2y FRN and 5y auctions

Monsanto drops $46bn takeover bid for Syngenta

Schlumberger to buy Cameron International in $14.8bn deal

 

GOVERNMENTS/CENTRAL BANKS

Fed Dudley: September rate rise less compelling –FT

Fed Dudley: We are a long way from more QE –ForexLive

Fed interest rate hike falls rapidly down the probability scale –FT

NY Fed Economists say 89% of slack has been wrung out of US economy –Liberty Street

Federal Reserve Increasing Scrutiny of Bank Payment Systems –WSJ

BOC COMMENT: Global Fin Mkt Woes Shldn’t Drive A Sept BOC Rate Cut –MNI

ECB Praet: Downside Risks To Infl Path, ECB Ready To Act –MNI

ECB Hansson: Greek outlook brightening –BS

Greece raisis E22.3bn in state revenues (Jan-Jul) vs exp of E25.772bn –KTG

EU’s Dombrovskis expects Greek progress regardless of government –Kathimerini

French FinMin Sapin: Tax Cuts Possible But Lower Deficit A Priority –MNI

GEOPOLITICS

US Pres Obama on cusp of winning Iran nuclear vote –FT

FIXED INCOME

Treasury yields rise as auction gets lukewarm response –CNBC

2Y FRN auction sees small tail as dealer takedown highest since Dec 2014 –Livesquawk

German Yield Falls From 3-Week High as Selloff Seen Excessive –BBG

Abengoa bonds and CDS jump on rights talk –IFR

Philippines mulls project bonds –IFR

FX

USD: Dollar retreats as Fed’s Dudley cautions on rates –FT

JPY: Yen stronger vs dollar on dovish Dudley comments –FXstreet

GBP: Sterling lower after inflation expectations decline –FXstreet

AUD: AUD/USD oscillates above 0.7100 –FXstreet

AUD COMMENT: Westpac: Australian Dollar’s Recent Support is Superficial –Westpac

ZAR: SARB chief rules out defence of rand –FT

ENERGY/COMMODITIES

COMMODS: Commodities fall as China jitters persist –Rtrs

US DOE Crude Oil Inventory Change (WoW) (Aug): -5452K (est 1450K, prev 2620K)

US DOE Distillate Inventory Change (WoW) (Aug):256K (est 600K, prev 326K)

US DOE Cushing OK Crude Inventory Change (WoW) (Aug):1660k (est -950K, prev -2708K)

US DOE Gasoline Inventory Change (WoW) (Aug):1436K (est 1020K, prev 594K)

WTI futures settle 1.8% lower at $30.60 per barrel –Livesquawk

Brent futures settle 0.2% lower at $43.14 per barrel –Livesquawk

Fitch: Low Prices Stretch Small EMEA Oil Companies’ Liquidity

NATGAS: Natural Gas Holds Steady on Warmer Forecasts –WSJ

NATGAS: US natural gas glut prompts price warning –FT

METALS: Base Metals Close Down As China Concerns Return –WSJ

METALS: Gold Lower as Investors Reassured By Upbeat US Data –WSJ

EQUITIES

M&A: Schlumberger to buy Cameron International in $14.8bn deal –FT

M&A: Monsanto drops takeover bid for Syngenta –WSJ

O&G: Oil drop casts cloud over Sinopec profits –FT

BANKS: Bankers bonuses suffer biggest fall in a decade –FT

BANKS: RBC reports higher energy-sector bad loans but profit rises –Rtrs

TECH: PayPal expands One Touch program to new markets in Europe –Rtrs

EMERGING MARKETS

Fitch: Pessimism on China’s Short-Term Macro Outlook Overdone

S&P: Weak company profits fuel China correction

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