For those just getting to their desks, here is a summary of what you missed in the overnight session, courtesy of JPM’s Adam Crisafulli
There was a lot of news and headlines over the last 72 hours but none of it is having a dramatic effect on trading. Eurozone equities and US futures are both flat-to-up small. Asia generally saw gains overnight (note that a few markets were closed, including mainland China and Taiwan). What happened overnight? The big incremental headlines were the manufacturing PMIs and for the most part they were mixed-to-inline (eco data isn’t surprising on the upside to the extent it did over the last few months although there aren’t signs of a dramatic slowing either).
Tax skepticism remains very high in the press w/a bunch of neg. reports over the last few days (there is doubt around both the scope and timing of a potential bill with the conversation gradually shifting from ‘comprehensive reform’ to instead a small package of ‘cuts’) although markets seem more concerned about missing the upside associated w/a final tax deal than they are about being caught long on a tax disappointment (thus for the time being headlines such as ‘Trump and Ryan discuss taxes’ or ‘tax plan makes progress in Washington’ will help to buoy stocks more than ‘Trump has neither a clear WH tax plan nor adequate staff yet to see through a planned tax reform’ will hurt them).
This post was published at Zero Hedge on Apr 3, 2017.