The Fuse
It is hard to believe I am saying this but futures are up sharply today before the market open. Of course, it is no surprise with volatility elevated, right near 32% on Friday’s close which implies a 2% move expectation, up or down. But while many might think a bottom is in, that rarely ever happens on a Friday. The calls to buy are going to be loud here but it is end of month/quarter and some bigger news will be delivered this week to move markets.
Stocks in Europe are flat this morning amid waiting on a resolution in the Middle East. STOXX was flat, FTSE added .1%, the US dollar was flat while crude oil is rising again, up 2%. gold is higher by 1%, silver up 2% in early trade. Yields fell a bit after a rally last week, German bunds down 1bp and 10 yr US treasury yields down sharply, 4bps. In Japan markets were down 2.8%, Hong Kong off 1% while Shanghai posted a .2% gain.
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