S&P500 Futures and Nasdaq futures as well as EU markets are up 1.5% on average this morning despite another sharp leg down in energy prices. WTI Oil is trading at 11.45 per barrel this morning, down another 11.4% over the past 24 hours and in line to move under the $10 level with the release of the Inventories numbers tomorrow, which are likely to show all-time buildup versus 30-year lows on the demand side. Asian markets traded a mixed session led by the Hang Seng, up 1.22%. FX markets are trading a pro-growth currencies session, the GBP and Euro are higher versus the JPY and USD while the CAD/AUD pairs are the biggest gainers versus “safe heavens”. Gold is trading at $1,724 this morning, Silver at $15.18, both flat on the day as investors are looking for riskier assets, expecting some of the sectors hit by the coronavirus to return to production and work gradually.
US Consumer Confidence at 2 pm is the important news on the agenda Tuesday, (all times GMT).
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US futures are sharply higher this morning despite the 10% pullback in OIL.
OIl prices are looking glim this morning after another big pullback ahead of the Inventories numbers tommorow.
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