Risk retreats a little more to start European morning trade

Author: Justin Low | Category: News

S&P 500 futures down ~0.6%

E-minis 13-10
The SoftBank whale could have been what propped up stocks yesterday, but some parts of the market i.e. FX did not quite agree with said sentiment. Typically, you'd expect the bond market to be the decider but the Treasuries cash market was closed yesterday.

Today, we're seeing yields retreat with 10-year Treasury yields down 2.3 bps to 0.75% currently and that is coinciding with a move lower in stocks on the session as well.

S&P 500 futures are down to a session low, falling by ~0.6%, and the moves are leading the dollar slightly higher to get European trading underway.

Elsewhere, European equities are also marked lower now with the DAX down by 0.5%.

I would argue that the market is now only sorting itself out as yesterday's "bright" start may be a bit of a false positive given the conditions above.

The Johnson & Johnson vaccine news from earlier also isn't helping to add positive vibes to the virus narrative, so there's that to also consider in terms of recent headlines to have impacted the risk mood in trading today.

By continuing to browse our site you agree to our use of cookies, revised Privacy Notice and Terms of Service. More information about cookiesClose