Rise and shine and Happy Monday!

Nothing major this morning with Asian markets starting off with a steep decline. Yields in China are trading significantly lower as traders anticipate rate cuts. The Chinese bond market seems to be front-running the move. The collapse of a major Chinese Shadow bank (more below) is driving speculation that reforms may be forthcoming.

US equity markets are marginally lower. UST Yields are off their highs, with the US Dollar Index inching higher. Positioning suggests the USD is leaning bullish for this week (as we said on our Weekly Dashboard). Oil and Gold are lower this morning with Bitcoin looking chipper. It’s a big week for Bitcoin (more below).

No major Macro data today for the US. Helen of Troy and CMS just reported double beats, and Jeffries after market close.