The S&P 500 and Nasdaq 100 futures are sharply lower following EU and Asian markets steep drops as investors fear the new Covid-19 variant will temper growth prospects and hurt the travel and leisure industries. The S&P 500 futures are lower by 1% and Nasdaq futures are lower by 0.55% this morning. EU markets are trading deep in the red, the EURSX50 is lower by 2.17%, the FTSI by 2.12% and the DAX by 2.08%. Asian markets closed their overnight session in the red as well, led by a 1.84% drop in the Hang Seng index. The dollar index is at 16-weeks highs, 93.02, trading higher by 0.35% versus majors as investors move into the dollar and the JPY. Gold and Silver are trading lower on the stronger dollar, Gold is at $1,803 per ounce this morning, down 0.65% and Silver is at $25.21 per ounce, down 1.43%. Oil prices are trading sharply lower from 2021 highs, down 4% and trading below the $70 level this morning as investors are taking profits off the table fearing demand expectations are going to be revised under the new Covid-19 wave, and OPEC+ deal to increase production by 400,000 barrels per day from August.
There is no mportant news on the agenda Monday. (all times GMT).
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Global markets are set to open the trading week sharply lower on Covid worries and profit taking.
The dollar index is at 4-month highs as investors are steping into the dollar and the JPY and moving away from growth currencies.
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