Morning Markets: Cameron's spectacular triumph
- Reserve Bank of Australia quarterly statement (0130 GMT; already released)
- China Trade Balance (0359 GMT; already released)
- German Trade Balance (0600 GMT)
- German Industrial Production Index (0600 GMT)
- Spain Industrial Production (0700 GMT)
- China CPI (0715 GMT)
- Italy Industrial Production (0800 GMT)
- GB Trade (0830 GMT)
- Greece CPI (0900 GMT)
- US nonfarm payrolls (1230 GMT)
- Tokyo shares rebounded from lows; the Nikkei 225 was up 0.69% to 19,423.08 at 2.22pm
- China's exports slumped by 6.2% in April, adding downward pressure on the economy
- China's imports took a sharp double digit tumble – down 16.1% in April
- The poor trade result may prompt Beijing to cut interest rates or take stimulus steps
- The Australian dollar took a slight knock from the weak China data before rebounding
- Cable jumped to 1.5525 and will be expecting to rise after Cameron's decisive victory
- Volatility in cable moved significantly to the left, particularly in the front end of the curve.
- Monday cable options traded with a volatility of approximately 17.5%
- Vols likely to move down to approx. 13.5% as Cameron's triumph becomes clear
- One-month cable and EURGBP straddles open at 9.55% and 9.4% respectively
- One-month cable vols collapsing after election result, down from 13 to 9.
- Bias for cable and EUR/GBP options still remains vaguely neutral but watch for change.
From the Floor
Great expectations. “NFP today is the most important one for several cycles, it’s a two-way risk,” says Hardy
Pounding higher. “Cable is now coming off its highs on a buy the rumour, sell the fact basis,” says Moltke-Leth
Get all the latest from Saxo Bank's trading floors in From the Floor, within the hour.
Come on US
Juhani Huopainen says investors see the low 126,000 payroll figure for March as a seasonal anomaly, and the consensus view for today's April payroll reading is a stronger 228,000 jobs.
Max McKegg says that the money markets expect the Reserve Bank of New Zealand to join its Australian counterpart and cut its 3.5% policy rate sooner rather than later.
Alibaba beat all growth expectations for mobile platform transactions in Q4, and the e-commerce giant is working on extending its reach deep into rural China, says Neil Flynn.
There'll always be an England
By now, we should be getting a clear picture of the outcome of the UK election, but if indeed the SNP finds itself in the centre of machinations, might England go it alone, asks Stephen Pope.
Social media jobs network LinkedIn may have taken a 20% plus hit in its share price after last week's disappointing earnings release, but Serge Berger reckons its due for a bounce back.
Blackrock investment strategist Wei Li gives us the lowdown on why Exchange Traded Products should become attractive in a zero-inflation low-yield world [video]
Morning Markets goes out on the TradingFloor platform at 0700 GMT, Monday to Friday.
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