The Fuse
What are futures doing?
Nice move higher for equity futures as a strong bid has held from the overnight session. Broad rally and leadership from most groups here defines the current rally, confidence is building as we move past a couple of treacherous weeks.
News
Solid gains in Europe with STOXX up better than 1% led by strong performances in France and Germany. The FTSE also with a solid move higher, gold is backing away as is silver, crude oil down a couple of bucks on hopes for an end to the Iran War. Yields are down across the board and that might be stoking some of the equity rally, bunds eased a bit and now stand about 3.48%, off their recent highs. 10 year treasuries are slightly lower at 4.95%, but down from the prior close of 4.99%. In Asia, robust gains in Japan, the Nikkei up 1.2%, Shanghai gained .7% and Hong Kong up 1.2%.
Volatility
Market volatility remains absent. The VIX pushed below 15% Friday and may move much lower this week if the volatility sellers become active. We’ll be watching this closely but it appears the upside potential in VIX is not being demanded.
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