WEDNESDAY 4/1/15; Global PMI’s; April Fool’s Day; MON; UNF; ADP Employment Report; German Bund Record Low 0.157%; GDDY; ISM Mfg Index; MU

Today is the first day of trading for Q2 also April Fool’s Day so remain cautious for tricks from friends, family and coworkers. Asian indexes are weak except for Chinese stocks. China PMI is 50.1 a single hair in expansion above 50 and above last month’s 49.9. In contrast, the HSBC PMI for China, a measure of smaller companies, is 49.6 better than the flash (preliminary) 49.2 number but indicating economic contraction.

Traders cheer weak Chinese data since the PBOC will have to provide more easy money which will send stocks higher and make the wealthy, that own stocks, richer. The SSEC gains +1.7% and HSI is up +0.7% with traders celebrating weak manufacturing data in this sick central banker-controlled world. The global central bankers have destroyed all price discovery over the last few years; no one really knows what any asset is truly worth anymore. The party continues with easy money creating liquidity and higher stock prices. Chinese officials are expressing concern over the rapid rise in stock prices but say the top priority is stabilizing the economy. China follows the same sick path as the United States has for the last six years.

The Japanese Tankan Survey indicates weak corporation sentiment. The NIKK finishes down -0.9% but remains above 19K. Australian stocks continue a seesaw week losing -0.5%. The collapse in iron ore prices, down to $51 per tonne a 10-year low, continue to pound Aussie stocks lower. The KOSPI is down -0.6%. Steelmaker Posco drops nearly -3% after BRK/A (Warren Buffett) dumps its shares. The South Korea PMI disappoints. Odd behavior occurs in the US futures with the S&P down -6, then -12 then down as much as -25 points before recovering. There are gremlins in the computer trading systems.

The Iran nuclear talks continue 













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Micron Technologies earnings beat on top and bottom lines but guidance is weak and MU pops then drops -1% in AH trading. The chip sector may trade soft tomorrow. SIGM drops -2% after reporting a Q4 loss adding to the tech sadness after hours. TSLA stock jumps a couple percent but quickly retreats to the flat line after a childish April Fool’s prank is posted on its website announcing a Model W fictitious watch.

The CFTC files charges against Kraft and Mondelez over wheat futures manipulation. KRFT -0.2%. MDLZ trades flat. An oil rig fire in Mexico owned by Pemex kills four. Transocean announces plans to scrap two oil rigs and take charges for the decommissioning. RIG trades +0.3% higher.

Euro 1.0763. Dollar/yen 119.68. Pound 1.4824. WTIC oil 49.55. Brent oil 56.70. Natty gas 2.60. Gold 1204. Silver 16.935. Copper 2.743.

Treasury yields are; 2-year 0.54%, 5-year 1.32%, 10-year 1.86%, 30-year 2.466%. German bund 0.174%. Japan 10-year yield 0.382%.