Another sit and wait day

Today is another sit and wait day for the macro news of the German Constitutional Court decision tomorrow at 4am ET (widely expected to give the ESM the go ahead), the Dutch elections and the FOMC meeting on Thursday. I still believe that markets are a sell on the news after Thursday. In China, following the mixed economic data yesterday, reported August Bank Loan growth that was 703.9b yuan, about 100b above expectations and the most ever reported for the month of August. With the other waiting game being when Spain asks for financial help from the ECB, the Spanish 2 yr is back higher near 3%. In the US ahead of Aug trade data, the NFIB small business optimism index rose to 92.9 from 91.2 which was the lowest since Oct ’11. There was contradictory data within the report as Plans to Hire rose to the most since Feb ’08 but Plans to Expand fell to the lowest since June ’11.

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