As the North American traders enter for the trading day, the GBP is the strongest while the USD is the weakest. UK markets are closed today and tomorrow in observance of May bank holiday/Queens Jubilee. In Italy it is also a holiday today.
Major US stock indices are rebounding today after yesterdays decline. The shortened trading week in the US is gotten off to a negative start with 2 straight down days.
US yields are lower in premarket trading after essays sharp rise which saw the 2 year yield rise by about 9 basis points
Crude oil is lower. An OPEC source is reporting that the OPEC+ organization is likely to agree to a output hike in the range of 600,000 in July. That is higher than the ramp up of 400,000. The low price today reached down to $111.23. The high was up at $114.97.
The run up to the US jobs report tomorrow (estimate +320 K) will get a kick start with the ADP employment estimate for May expected to come in at 300,000 vs. 247,000 last month (at 8:15 AM ET). US initial jobless claims will also be released today with expectations of 210K vs. 210K. US productivity data for Q1 will also be released at 830 with factory orders/durable goods scheduled to 4 released at 10 AM ET. Fed's Mester will speak later this afternoon at 1 PM ET.
A snapshot of the markets are showing:
- Spot gold is trading up $9.56 or 0.52% at $1855.50
- Spot silver is up $0.31 or 1.44% at $22.11
- WTI crude oil is trading down $3.09 or -2.68% at $112.15
- Bitcoinis trading down $81.85 -0.27% at $30,093.44
In the premarket for US stocks, the futures markets are implying a higher opening after yesterdays declines. The major indices are down two consecutive days to start the shortened trading week
- Dow is trading up up 145.77 points after yesterdays -176.89 point decline
- S&P index is up 21 points after yesterdays -30.92 point decline
- NASDAQ index is up 85 points after yesterdays -86.93 point decline
In Europe: the major indices are trading mixed as North American traders enter for the day
- German DAX is up 127 points or 0.89%
- France's CAC up 76 points or 1.19%
- UK's FTSE 100 down 74.71 points or -0.90%
- Spain's Ibex is up 22.78 points or 0.26%
- Italy's FTSE MIB up 119 points or 0.19%
The US debt market this morning, yields are trading lower after essays sharp rise. Yesterday, 2 yields rose by 9 basis points while 10 year yields were up by 6 basis points.
In the European debt market the benchmark 10 year yields are trading higher higher
