US Morning Desk Color: Thoughts and prayers with those in Las Vegas. Sheriff just announced 50+ died and over 200 wounded.

US equity futures are higher, with Spanish bonds, stocks and the euro all under pressure on the Catalonia headers, but not a real move toward havens. The DAX is up 30 points despite a pullback in financials as airlines jump across Europe as Monarch Airlines goes Ch11. The FTSE is the best performer right now, up 60 points with miners acting great after much better Chinese manufacturing numbers and PBOC cuts RRR, while builders are loving Theresa May headers. Spanish stocks are getting hit, with the IBEX down nearly 1.5% as the banks get hit. Quiet overnight in Asia, with holidays in China, Hong Kong, South Korea and India. The Nikkei up slightly as energy stocks held back the rally — Taiwan added 80 points behind a tech rally led by TSMC, while the Aussie jumped nearly 1% behind a mining rally on upbeat Asian manufacturing data.

US 10Y yields are being rejected from 2.35% and three-month highs, and is now testing 200-day support. Eyes are on German and Spanish 10Y government bond yields widening by 10 points, holding back the Euro. It feels like a strong dollar across the board, with Sterling retreating and Yen lower despite a strong Tankan survey. Gold hates the Dollar, and is struggling to hold the 100-day moving average, while industrial metals like copper are showing a early bid.

Oil continues to slide from the Kurdish Referendum angst last week as OPEC output climbed 50,000 last month — WTI is seeing some stops going off as it breaks downside $51 in early trade. Cold weather in the northeast has natural gas outperforming, but the warming trend toward the end of the week seems to be capping any attempts to rally.


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