Global markets shrug off another China rout
AUD/JPY is the leader today, Treasury yields are up a few basis points higher and European stocks are comfortably higher despite a dismal close in the S&P 500 on Friday.
Most impressive is that the Shanghai Composite was down 5.3% and other markets haven't flinched.
That's about as good of as a sign as we're going to get.
The economic calendar is light today so the focus will be on the ebb and flow of the stock market. The only notable events are the BOC business outlook survey and comments from the Fed's Lockhart at 1740 GMT.
Perhaps the biggest event is the kick-off to the earnings season with Alcoa due after the bell. The company habitually puts an optimistic spin on China and aluminum demand so don't be swayed.
This is the best barometer of sentiment at the moment. It needs to get above 84.00 to signal a true rebound.
We're going to have a full dose of Bowie today.
