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Global Markets Thrown For A Loop After Comey's Shocking Sacking

“There is no doubt that Trump is dominating proceedings this morning after the sacking of Comey. This is a political story rather than a market story, but yet again it creates uncertainty in the market, which leaves everything the president does with a cloud floating over it" said James Hughes of GKFX.

Crushed Vol Boosts Dollar, Commodities; Futures Flat

Asian stocks declined, while European stocks rose to the highest since 2015, led by a rebound in commodities and basic resource stocks. U.S. stock-index futures were little changed at 2,395 - just shy of all time highs - as investors focused on corporate earnings after the French election, while the VIX hovered near its lowest level since 1993.

Bill Blain: "What's Going On In Equity Markets Should Serve As Something Of A Warning"

Most of the recent gains have been concentrated in a very small number of the mega-cap tech stocks – Apple, Google, Facebook and Amazon. Despite the absence of any real selling pressure (yet!), the rest of stocks are struggling to keep up the momentum. A handful of mega-cap stocks are masking underlying weakness. Near 1/3 of the rest of the SPX are in bear phase.

Macron Victory Leads To "Risk Macr-Off" In Europe, Poor China Trade Data Doesn't Help

It was supposed to be Risk Macr-ON after Emmanuel Macron's avalanche victory in Sunday's French presidential elections; instead as some banks cautioned and as we showed early in the overnight session, the market reaction has been the opposite with the victory fully priced in and especially in the European currencies and stocks, as well as S&P futures, we have seen a modest episode of Risk Macr-Off.

China Reserves Jump Most In Three Years; Hedge Fund Asks "Is This The End Of The Yuan Bear Market?"

In all the drama surrounding the French elections, few noticed the PBOC's announcement that China’s FX reserves rose for the third straight month in April, increasing by $20.45 billion to $3.03 trillion, more than the $11 billion expected and the single biggest monthly increase in three years going back to April 2014, on the back of a weaker dollar and increasingly more draconian capital controls on outflows.

A Technical Look At The FX Week Ahead

All eyes on Sunday’s French election result, but little evidence of defensive positioning in the EUR. GBP continues to fly the flag, batting off the negative mood over the latest Brexit exchanges. Commodities in focus, but tentative signs of some near term relief. CAD overstretched. US jobs report mixed at best.

Equity Outflows Surge As Stocks Limp To Record High

After the quietest 8 days in S&P history since 1964, the broad market index managed to limp quietly to a new record close on Friday after a very mixed payrolls print. However, despite the volumeless spike to record highs, it appears the week's dismal data and disappointing earnings left investors unimpressed as S&P ETF outflows surged to their biggest since January 2016.

Oil Fireworks Unsettle Global Markets Ahead Of Payrolls Report

With all eyes on crude, following last night's mini flash crash which sent WTI lower by 3% from just above $45 to under $43 in under 10 minutes, equity markets, generally quiet overnight, have taken on a secondary importance ahead of today's key risk event, the April payrolls report. In global equities, Asian and European stocks are lower, while S&P futures are little changed.