Observations + Charts
Europe extending gains while US futures are not doing much ahead of the jobs report.
Asia mostly higher led by a rally in HK while other markets were more muted with all eyes on the US jobs data.
Mainland China remains closed for GW holiday. A key focus next week will be how it reopens on Monday.
HSTECH & HSI leaders driven by positive GW and short covering ahead of China reopening.
NKY flattish over the last 3 sessions.. Japan wage growth missed. USDJPY griding higher eyeing the 149.
Europe higher with SXXP shyly higher ahead of key US jobs data.
No change in market narrative. Some stabilization in rates providing stocks with a modicum of support.
ECB's Villeroy said yesterday no justification for more rate hikes now, but Schnabel warned more hikes may be needed.
EU Cylicals back in the driver seat +115bps covering losses seen yesterday. Insurance, Banks, Tech leading the region.
Utilities back in the red while Staples lagging following US peers move yesterday on the back of Walmart comments (Nestlé -3%).
Auto, Banks, Luxury (positive noise from GW holidays data), Semis (ASML IFX >120bps) also showing good gains today.
DXY flat-to-up small. Brent unch while copper rebounds 110bp. US nat gas +130bp +300bp in Europe. Bitcoin +50bp while gold flat.
US futures higher w/ESZ3 +2.50, HIWZ3 +22.00, RTYZ3 +1.50 and NQZ3 +17.25.