US: Biden Trails Trump In All Seven Swing States, YouGov
Jul-16 17:21
A YouGov survey of swing states has found that President Joe Biden faces "long odds" for getting re-elected: "He trails in all seven states, six of which he won in 2020 — a significant decline from his position in those states in March."
- The survey supports a string of recent swing state polling, most recently from the NYT/Siena College yesterday, showing that Trump is bolstering a lead in the battleground states.
- YouGov notes: "Voters themselves think that Biden is in trouble. In none of the states did more voters think Biden was more likely to win than Trump."
- The report adds: "The positive news for Democrats in the poll is the performance of their Senate candidates in the same states. There are Senate races in Arizona, Michigan, Nevada, Pennsylvania, and Wisconsin this year... And in each state the Democratic candidate is running ahead of Biden, while leading their Republican opponent by a margin of at least 7 points."
- The outperformance by down-ballot Democrats may add credence to an argument that the Democrat agenda is broadly popular, with voters primarily rejecting Biden.
- Axios noted on June 23 another potential problem for the White House: "It's hard to argue that polling is fundamentally broken — or unfairly skewed against Democrats — if multiple surveys show Democratic candidates maintaining persistent leads in toss-up states as Biden lags in them."
Figure 1: 2024 Swing State Polling
Source: YouGov
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USDCAD TECHS: Outlook Remains Bullish
Jun-14 19:30
- RES 4: 1.3977 High Oct 13 ‘23 and a key M/T resistance
- RES 3: 1.3899 High Nov 1 and a key resistance
- RES 2: 1.3846/55 High Apr 16 and the bull trigger / High Nov 10 2023
- RES 1: 1.3792 High Jun 11
- PRICE: 1.3759 @ 15:52 BST Jun 14
- SUP 1: 1.3667/1.3590 50-day EMA / Low May 16 and the bear trigger
- SUP 2: 1.3547 Low Apr 9
- SUP 3: 1.3512 50.0% retracement of the Dec 27 - Apr 16 bull cycle
- SUP 4: 1.3478 Low Apr 4
USDCAD has managed to recover from Wednesday’s intraday low of 1.3680. Key support is unchanged at 1.3590, the May 16 low. A clear break of this level would threaten a bullish theme and signal scope for a deeper retracement. For now, the trend outlook remains bullish, a continuation higher would signal scope for a climb towards key resistance and the bull trigger at 1.3846, the Apr 16 high.
US TSYS: Tsy Curves Bull Flatten Despite Soft Data
Jun-14 19:19
- Treasury futures look to steady to mixed in the short end, mildly higher out the curve. Treasuries opened higher, taking cues from EGBs again amid ongoing political uncertainty in France after Pres Macron announced a snap election in the aftermath of last Sunday's EU parliamentary elections.
- Rates see-sawed off early morning highs after lower than expected Import/Export data: Import Price Index ex Petroleum MoM (-0.3 vs. 0.2 est, prior down revised to 0.6% from 0.7%) while Export Price Index MoM fall to -0.6% vs. 0.1% est.
- Still off opening highs, Treasury futures gained slightly after lower than expected UofM Sentiment (65.6 vs. 72.0 est, 69.1 prior), Current Conditions (62.5 vs. 72.2 est). Meanwhile, 1 Yr Inflation slightly higher than exp at 3.3% vs. 3.2% est (3.3% prior, however), 5-10 Yr Inflation (3.1% vs 3.0% est).
- The Sep'24 10Y futures contract currently trades +3.5 at 110-26.5 vs. 111-01 high after the bell. Cash yields are running mildly lower: 5s -.0162 at 4.2278, 10s -.0330 at 4.2112%, 30s -.0485 at 4.3479%, while curves flatter: 2s10s -2.362 at -47.841, 5s30s -3.226 at 11.883.
- Rate cut projections look steady to slightly lower vs early Friday (*): July'24 at -12% w/ cumulative at -3bp at 5.298%, Sep'24 cumulative -20bp (21.1bp), Nov'24 cumulative -29.9bp (-31.1bp), Dec'24 -50.5bp (-51.1bp).
US STOCKS: Late Equities Roundup: Paring Early Losses
Jun-14 19:08
- Stocks continue to trade near steady to weaker (DJIA underperforming) in late Friday trade, off early session lows as shorts covered ahead of the weekend. Currently, the DJIA is down 76.02 points (-0.2%) at 38572.96, S&P E-Minis down 6.25 points (-0.11%) at 5432.25, Nasdaq up 8.9 points (0.1%) at 17676.47.
- Information Technology continued to lead gainers for the fourth consecutive session, software and semiconductor outperforming: Adobe is currently up 14.60% after beating 2Q earnings late Thursday citing strong AI demand. Other gainers included Broadcom, adding +3.79% to Thursday's strong gains after beating estimates late Wednesday, ServiceNow +2.56%, Autodesk +1.62%.
- Meanwhile, interactive media and entertainment supported Communication Services in late trade: Netflix +2.87%, Take Two +0.81%, Google +0.62%.
- Industrials and Materials sectors underperformed in the second half, industrial and electric machinery shares weighed on the former: Parker-Hannifin -5.47%, Howmet Aerospace -5.69%, GE Vernova -4.18%. Shares of chemical companies weighed on Materials in late trade: Albemarle -4.07%, Air Products % Chemicals -2.94%, Eastman Chemicals -2.84%.
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