Pre-Market Chinindicators

The markets took a nice 1% pop this morning in Europe and duly followed with a 0.5% rise in the S&P Futures. I initially thought it was the formalisation of a $30 billion rescue plan and a deficit target extension announced for Spain. Alas, it looks more like the result of a meeting (strategic dialogue) between China and the European Union. That’s news worth fading.

This is the 3rd strategic dialogue in 3 years. I didn’t look at the market reaction to the others, but I’d bet the market bounced with a short half-life. 

Here’s the piece from AFP that caught my attention (in French).

On other fronts:

  • The EURUSD rests unchanched
  • Gold Futures are up slightly (GC) +0.3%
  • BOJ reportedly easing to overcome deflation
  • Grain Futures are pulling back a bit after yesterdays 5% rise
  • S&P Futures are on the rise (ES) +0.55%