After a furious three day "dash for trash", no volume, no breadth, commodity-driven rally, even Santa is now exhausted and overnight US equity index futures were little changed with European and Asian shares mixed. The dollar has declines as gold, silver gain, with WTI initially continuing its recent meteoric rise (up over 8% in the past three days, nearly hitting $38), only to reverse and give up all overnight gains moments ago.
Asian shares traded mixed, European shares slid while US equity futures posted a modest rebound after Friday's surprising political news that the FBI reopened its probe into Hillary Clinton, after OPEC failed to agree supply cuts at a meeting in Vienna.
NEW YORK: Wall Street stocks closed at record highs on Monday, boosted by expectations for continued monetary policy easing around the globe and a jump in oil prices to nearly five-week highs on speculation top producers may be open to cutting output. The US S&P 500, Dow and Nasdaq stock indexes all closed at all-time highs. A strong monthly jobs report on Aug. 5 boosted optimism about the US economy, driving all three major indexes to close at record levels last Thursday for the first time since 1999. The S&P 500 index has notched 13 record intraday highs since July, including Monday's.
As reported last night, now that the PBOC has devalued the Yuan to a level China's central bank is comfortable with, if only for the time being,and having done so by unleashing a "murderous" short squeeze "to deter bearish bets and helping to stabilize equity markets", manifesting itself in the offshore Yuan 1 week deposit rate exploding to a record 82%...
Rumors of the Trumpflation rally's death have been greatly exagerated, and not only is the Dow 20,000 back on the radar, following a 124 point surge in Dow futures, bringing the "key psychological level" back within 100 points, but European stocks rose for a third day and entered a bull market, rising 20% from theor lows set last February, following strong Chinese manufacturing and services PMI data, both of which ended 2016 on robust notes well inside expansion territory.
LONDON: European markets were firmer on Tuesday after an extended weekend break, bucking fears of slowing demand from China and despite debt stand-off fears depressing Greek stocks. The pan-European FTSEurofirst 300 equity index rose 0.3 percent, with UBS shares gaining almost 7 percent after the bank reported its highest quarterly profit in nearly five years and said it was in advanced U.S. talks to settle allegations of foreign exchange market rigging. U.S. stock index futures were lower ahead of another round of earnings reports and after data showed the U.S.
Once again, the two major macroeconomic announcements over the weekend came from China, where we first saw an unexpected, if still to be confirmed, increase in FX reserves (and gold), and then Chinese trade data once again disappointed tumbling by 6.9%, missing for the 4th consecutive month, while imports plunged 18.8% putting the gover
NEW YORK: Global equity markets tumbled and the dollar traded mixed on Friday after a US jobs report for August kindled uncertainty over whether the Federal Reserve will raise interest rates in two weeks. The headline number of a less-than-expected increase of 173,000 in non-farm payrolls was offset by the generally strong Labor Department report. The unemployment rate dropped to a near 7-1/2-year low and wages accelerated.
So far today has been a replica of yesterday, with the crude rout continuing and pushing WTI under $45, but largely ignored by the FX carry pairs, and thus equity futures, which have seen some positive momentum from overnight trade data out of China where exports jumped 9.7% beating the 6% expectation, while imports fell 2.4% compared to a projected 6.2% decline as the trade surplus narrowed from November’s record $54.4 billion.
Gary Townsend submits:This morning. U.S. equity futures are modestly higher, and after some early morning weakness are trending to the upside. Asian equity markets ended higher on increased volume. European equities are mixed, though financials are weaker. Petroleum prices have been volatile today, trading up more than +5.0%. The SPX opens at 1327.22, after Monday’s +0.56% gain on greater volume. March SPX futures are at 1329.10, up +3.07 points after fair value adjustment.