Good morning contrarians! Welcome to the Daily Contrarian, our morning look at events likely to move markets. It is Monday, June 17. The Bottom Line segment of today’s podcast starts at (2:56) for listeners who want to skip ahead.
State of Play
Chinese industrial production came in below estimates overnight and that is taking a toll on industrial metals. As we look at our board of indicators at 0645 things are quiet elsewhere:
Commodities are dropping led by copper, which is down 1.5%. Other industrial commodities are down a little less. Gold and silver are down about 0.5% each. WTI crude oil is holding steady for now, unchanged at $78/barrel;
Stock index futures are pointing to a lower open with small caps leading the drop, continuing its move from Friday. The Russell 2000 is down 0.5%. S&P 500 (SPY 0.00%↑) and Nasdaq 100 (QQQ 0.00%↑) futures are unchanged;
Bonds are down a bit with the 2-year yield up 2 basis points to 4.70% and the 10-year up 2bps to 4.24% (yields move inversely to prices);
Cryptos are down a bit with Bitcoin off 1.5% to trade around $65,600.
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