In a quiet night for markets, in which the top highlight was the Oscar's historic peddling of best picture "fake news" and where "millions" of Academy members seemingly voted illegally, European stocks were little changed after a selloff that pushed them to a two-week low, while the MSCI Asia index fells as Japan’s Topix dropped for third day. S&P futures were unchanged.
The near-record string of 10 consecutive Dow Industrials record highs, a streak not seen since early 1987, may be about to end if futures, which are currently trading -0.3% lower, fail to stage a rebound.
When Copper was soaring (2 weeks ago) it 'proved' that China's debt binge had worked and that Trumpian reflation was going to secure global economic growth going forward. Now that Dr.Copper is collapsing - we are not hearing so much about the industrial metal's economic forecasting prowess...
One day after the FOMC Minutes guided to a rate hike "fairly soon", but not soon enough in the eyes of the market, the dollar has posted minimal gains, while global stocks held near record highs on Thursday; S&P futures were fractionally in the green to start the session; crude climbed after API showed U.S. stockpiles fell. US and euro zone government bond yields fell as European political fears faded.
What started off in familiar fashion, with Asian stocks rising, and Europe hitting multi-month highs and US futures in record territory has stumbled in recent minutes following a continued rush for safety in short-dated German Bunds (the 2Y is now trading at -0.92%) and ongoing selling in the USDJPY, which has pushed Stoxx 600 back to unchanged, and S&P futures to modestly red for the session.