Today - Thursday, July 2, 2015
- Up marginally ahead of the jobs number, S&P 500 (NYSEARCA:SPY) futures are now higher by 0.35% as the soft guts of the report ease interest rate fears just a bit.
- Labor force participation was down sharply, wages and hours were flat, and revisions cut April and May job gains by a combined 60K.
- The dollar has turned modestly lower across the board, with UUP -0.15% premarket. Threatening 2.50% ahead of the report, the 10-year Treasury yield has slipped back to 2.39%.
- Previously: Guts of jobs report weaker than the headlnes (July 2)
- Previously: Jobs up 223K; UE rate falls to 5.3% (July 2)
- ETFs: SPY, SH, SSO, SDS, VOO, UUP, IVV, UPRO, SPXU, SPXL, RSP, UDN, RWL, EPS, VFINX, BXUB, FORX, USDU, SPLX, SFLA, BXUC, SPUU, RYARX
- "I prefer to cut my arm off rather than sign an agreement without debt restructuring," Greek Finance Minister Yanis Varoufakis tells Bloomberg, promising to step down if citizens vote "yes" on Sunday for the austerity measures demanded by the country's creditors.
- The country, he says, should not "extend and pretend" any longer that it can pay its debts.
- "We desperately want to stay in the euro ... We are going to win ("no" vote) on Sunday."
- The banks and the stock market remained closed. NBG +1.8% premarket; GREK no trades.
- Japan +0.95%.
- Hong Kong +0.12%.
- China -3.48%.
- India -0.27%.
- London +0.06%.
- Paris -0.18%.
- Frankfurt -0.21%.
- Sweden's central bank unexpectedly lowered its main interest rate deeper into negative levels today and expanded its bond purchases to the end of the year, saying uncertainty abroad had increased and it was difficult to assess the consequences of the situation in Greece.
- The repo rate was cut to -0.35% from -0.25%, while the country expanded its bond purchasing program by 45B kronor ($5.3B) to the end of year, adding to the 80B-90B kronor that was already announced.
- ETFs: EWD, FXS
- Chinese stocks fell again today in another highly volatile session despite regulatory efforts to put a floor under the sliding market.
- Late on Wednesday, the China Securities Regulatory Commission relaxed rules on using borrowed money to speculate on stocks, letting brokerages set their own tolerance level on margin calls, and allowing the roll-over of margin lending contracts.
- In addition, China's main exchanges said they would cut transaction fees effective Aug. 1.
- Shanghai is now down 2.2%, taking losses since mid-June to more than 20%.
- ETFs: FXI, ASHR, EWH, CAF, YINN, KWEB, PGJ, GXC, FXP, HAO, YANG, TAO, CHIX, CHN, PEK, CHIQ, CQQQ, MCHI, TDF, QQQC, XPP, YAO, GCH, ASHS, YXI, CN, CHXF, FCA, CHNA, CNXT, CHII, ECNS, CHIE, EWHS, CHIM, KBA, KFYP, FCHI, JFC, FHK, AFTY, CHAU
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