Post by Dave on Mar 2, 2021 2:20:37 GMT -8
Good morning. I was hoping for a repeat in the market from yesterday, but it’s looking like it may not happen. The pre- market is red at -$0.69 at this moment. Maybe there’s just some profit taking this morning.
Stock Rally Ebbs as Commodities Dip; Dollar Gains: Markets Wrap
Stock Rally Ebbs as Commodities Dip; Dollar Gains: Markets Wrap
(Bloomberg) -- S&P 500 futures pulled back after the index capped the best day since June, while European stocks ticked up and commodities slid.
Most markets were trading risk off as China’s top banking regulator said he’s “very worried” about risks emerging from bubbles in global financial markets. The dollar strengthened and Treasury yields were steady. Oil headed for a third day of losses, the longest run since December, which pushed European energy shares lower.
Bubbles in U.S. and European markets could burst because their rallies are heading in the opposite direction of their underlying economies and will have to face corrections “sooner or later,” Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission and Party secretary of the central bank said at a briefing in Beijing on Tuesday. The remarks dented Asian stocks, with the CSI 300 Index in China closing down 1.3%.
“There’s lot of uncertainty, a lot of risks being built in, that’s why you’re seeing a bit of skittishness,” said Lorraine Tan, Morningstar director of Asia equity research. “The positive tailwind for the market is still going to be the global economic recovery.”
Meanwhile, Bitcoin steadied around $49,000 after rallying 8% on Monday.
There are some key events to watch this week:
U.S. Federal Reserve Beige Book is due Wednesday.OPEC+ meeting on output Thursday.U.S. factory orders, initial jobless claims and durable goods orders are due Thursday.The February U.S. employment report on Friday will provide an update on the speed and direction of the nation’s labor market recovery.
These are some of the main moves in markets:
Stocks
Futures on the S&P 500 Index decreased 0.5% as of 8:37 a.m. London time.The Stoxx Europe 600 Index gained 0.1%.The MSCI Asia Pacific Index fell 0.3%.The MSCI Emerging Market Index was little changed.
Currencies
The Bloomberg Dollar Spot Index gained 0.2% to 1,136.45.The euro decreased 0.3% to $1.2012.The British pound fell 0.3% to $1.3887.The Japanese yen weakened 0.1% to 106.87 per dollar.
Bonds
The yield on 10-year Treasuries climbed one basis point to 1.43%.The yield on two-year Treasuries declined less than one basis point to 0.12%.Germany’s 10-year yield rose less than one basis point to -0.33%.Britain’s 10-year yield increased less than one basis point to 0.76%.
Commodities
West Texas Intermediate crude declined 1% to $60.01 a barrel.Gold weakened 0.3% to $1,719.45 an ounce.
Most markets were trading risk off as China’s top banking regulator said he’s “very worried” about risks emerging from bubbles in global financial markets. The dollar strengthened and Treasury yields were steady. Oil headed for a third day of losses, the longest run since December, which pushed European energy shares lower.
Bubbles in U.S. and European markets could burst because their rallies are heading in the opposite direction of their underlying economies and will have to face corrections “sooner or later,” Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission and Party secretary of the central bank said at a briefing in Beijing on Tuesday. The remarks dented Asian stocks, with the CSI 300 Index in China closing down 1.3%.
“There’s lot of uncertainty, a lot of risks being built in, that’s why you’re seeing a bit of skittishness,” said Lorraine Tan, Morningstar director of Asia equity research. “The positive tailwind for the market is still going to be the global economic recovery.”
Meanwhile, Bitcoin steadied around $49,000 after rallying 8% on Monday.
There are some key events to watch this week:
U.S. Federal Reserve Beige Book is due Wednesday.OPEC+ meeting on output Thursday.U.S. factory orders, initial jobless claims and durable goods orders are due Thursday.The February U.S. employment report on Friday will provide an update on the speed and direction of the nation’s labor market recovery.
These are some of the main moves in markets:
Stocks
Futures on the S&P 500 Index decreased 0.5% as of 8:37 a.m. London time.The Stoxx Europe 600 Index gained 0.1%.The MSCI Asia Pacific Index fell 0.3%.The MSCI Emerging Market Index was little changed.
Currencies
The Bloomberg Dollar Spot Index gained 0.2% to 1,136.45.The euro decreased 0.3% to $1.2012.The British pound fell 0.3% to $1.3887.The Japanese yen weakened 0.1% to 106.87 per dollar.
Bonds
The yield on 10-year Treasuries climbed one basis point to 1.43%.The yield on two-year Treasuries declined less than one basis point to 0.12%.Germany’s 10-year yield rose less than one basis point to -0.33%.Britain’s 10-year yield increased less than one basis point to 0.76%.
Commodities
West Texas Intermediate crude declined 1% to $60.01 a barrel.Gold weakened 0.3% to $1,719.45 an ounce.