EU Jul 9th

​Japanese data released  yesterday evening, Money supply and machine orders better   then expected caused a small bid in yen, 30 year JGB yield lower overnight by 1.6Bps touching a 1 month low. German trade data for May worse then expected but Old news Euro Above resistance 0f 1.1355 next up 1.1422  I would think Dollar would be lower  but stands Little changed. Strong Earnings from SAP, Stock +7% pushing Dax and European tech sector (+2%) Higher. Spoos steady Nasdaq +.3%, Gold steady   but a small bounce in the Q-Z spread after a big volume down day yesterday, after 8 straight declines. Copper f tailwinds from Chinas Stock market +1.6%, Silver +.7% and palladium +2.3. Nat Gas +3% and grains higher both due to Hot weather

  Less the optimistic comments regarding recovery from Fed and ECB Lagarde ,worries that bounce in Economic data is over   keeps a bid Treasuries yesterdays 10 year auction at record low yields  is just more evidence. News flow of late not optimist either

News:

China SAFE Spox: decline in value of USD is one of the factors that has seen China increasing its FX reserves
-BOJ’s Kuroda: won’t hesitate to ease further if its needed, economy is in a severe state & likely to remain so; Japan’s fin system is stable, he is watching impact of virus
-BOJ report: cuts assessment of all 9 regions, all of Japan’s regional economies are worsening or in a severe state
US daily virus cases (RTRS Tally): >60k, new record daily high
Aus. Govt: advises Aus citizens in Hong Kong may be at increased risk of detention on vaguely defined national sec grounds, govt is advising against travel to HK
US state with 40% of US population put reopening plans on hold-Goldman
United extended its suspension of flights to and from HK-BBG
Walgreens cutting 4k jobs
US daily virus cases (RTRS Tally): >60k, new record daily high
Texas: +9979 new cases to total of 220564, biggest daily rise; hospitalizations at record high of 9610