The Fuse
What are futures doing?
Stocks are retreating this morning after some more rustling between the US and Iran. The 2 week ceasefire ends tomorrow and talks continue to be scheduled. However, the battling continues but a retreat should not be a surprise after such a strong run over the last month.
News
Stocks in Europe fell .8%, led lower by bigger drops in France and Germany. FTSE was off .4% in a risk off session. The dollar index up .1%, gold is down a bit more than 1%, silver down sharply under $80 while crude is rallying up near $90 per barrel. Yield are rising, German bunds up 3bps, 10 yr US treasury up 2bps, while in Asia Japan was higher by .6%, Hong Kong climbed .9% and Shanghai up .8%.
Volatility
The VIX is rising this morning, more than 10% rise as worries and concerns in this Iran War resurfaced. No doubt volatility is heading lower as the trend up has been broken, but there will always be a premium held until things are settled 100%.
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