The Fuse
What are futures doing?
Looks like it might be a positive opening for the markets, ES futures up strong and covering the losses from yesterday, Industrials and Nasdaq posting some nice early gains before the open. CPI set to be released this morning which might shake things up a bit, volatility is lower as are most commodities.
News
STOXX rallied nicely overnight, up .74% with similar gains in France and Germany. The FTSE up nicely too, rallying. 5%. Japan fell 1.5% though, Shanghai and Hong Kong both sporting losses. Crude oil is down 3%, first time in a week it has been lower, gold and silver pulling back as well. The dollar held onto overnight gains. Bunds were down, yields up to around 3.5%, 10 yr US treasury yields hovering just under 5%, 30 yr up to 5.36%.
Volatility
Volatility easing a bit here this morning but don’t get too comfortable. The CPI number is likely to rattle some cages, if taken positively the markets could swoosh higher later in the day. Seems there is a nice bid under the market here which might suffice for a Friday.
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