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Asian Open: Oil Rises After OPEC+ Meeting, ISM Data Mixed
Matt Simpson June 1, 2021 11:03 PM Share:
Asian Futures:
Australia s ASX 200 futures are up 12 points (0.17%), the cash market is currently estimated to open at 7,154.60
Japan s Nikkei 225 futures are down 0 points (0%), the cash market is currently estimated to open at 28,814.34
Hong Kong s Hang Seng futures are down -53 points (-0.18%), the cash market is currently estimated to open at 29,415.00
UK and Europe:
Europe s Euro STOXX 50 index rose 32.29 points (0.8%) to close at 4,071.75
Germany s DAX index rose 146.23 points (0.95%) to close at 15,567.36
France s CAC 40 index rose 42.23 points (0.66%) to close at 6,489.40
Tuesday US Close:
The S&P 500 index fell -2.07 points (-0.05%) to close at 4,202.04
US
It seems Wall Street is much more confident about the economic recovery than the Fed and if we see a better-than-expected employment report that could deepen the bond market selloff. The US nonfarm payroll report for February is expected to show a 133,000 gain in jobs, which would be an improvement over the 49,000 increase in January.
Risk appetite will continue to react closely to what happens in the bond market and more importantly with Fed speak. The surge in Treasury yields has yet to become a significant risk for the Fed, but that won’t be the case if the current trajectory in yields continue. The Fed will jawbone or possibly deliver some action soon since real yields are probably much higher at this point in the cycle than what they would be comfortable with.
Following
1/26/2021 5:31:51 PM GMT
Today is the calm before a tech earnings storm and an FOMC policy decision that attempts to avoid any communication mistakes. Investors don t expect the Fed to give any reason to think they are getting closer to talking about when they will consider scaling back QE, but nervousness is brewing on Wall Street. Some economists are thinking that a reduction in asset purchases could start as early as Q3.
USstocks are struggling for direction following a wave of mixed earnings results and as investors put Biden’s $1.9 trillion stimulus plan on the backburner. Stimulus expectations have been pushed back at least a month and that is allowing traders to solely focus on earnings and the Fed. Some of today’s optimism came from Regeneron’s prevention study that showed one of their antibody cocktails could be used as a passive vaccine. The exploratory analysis of 400 individuals showed a reduction in overall i
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