Most major markets will be closed tomorrow and on Monday
- S&P 500 futures -0.2%
- Nikkei -0.6%
- Shanghai Composite -0.2%
- US 10-year yields down 2.4 bps to 2.57%
- USD/JPY lower at 111.90
Risk sentiment doesn't look too cheerful as we move towards the European morning but that's not to say that there hasn't been a lack of headlines trying to bolster it since overnight trading. Improved data from China yesterday as well as more positive US-China trade headlines have done little to really shore up confidence so far.
And with the long weekend approaching, I reckon investors would much rather sit back and enjoy the Easter break than to go chasing after ghosts at this stage. Unless more solid headlines come about in European trading, any form of a risk-on rally in the sessions ahead will prove to be elusive.
If there is anything to move the risk needle today, expect it to be PMI survey data from the Eurozone and US retail sales data. Should we clear those hurdles without much hassle, it'll be a closed shop for the rest of the week already. However, the caveat is that US markets will still be open so there could be a few surprises during the time but expect liquidity conditions to be much thinner than usual.
