Price Action

S&P Futs Near All Time High On Strong Euro Data; Oil Drops On Trump's SPR Sale Plans

S&P futures rose alongside European stocks as Asian shares posted modest declines. The euro set a new six-month high and European bourses rose as PMI data from Germany and France signaled that the ECB will have to tighten soon as Europe's recovery remains on track, with the German Ifo business confidence printing at the highest level on record, and hinting at a GDP print in the 5% range.

Global Markets Rebound To End Volatile Week, As Trump Rout Fades

Two days after the biggest rout in US stocks in 8 months, and one day after Brazil's stock market was halted due to a circuit breaker, wiping out out 8.8% of its market cap, traders are eager to put it all in the rearview mirror and in a quiet session on the last day of the week, S&P futures are set for a green open, up 0.2%, in line with Asian and European markets, all looking to close the week on a positive note.

Trumpquake: Futures Wipe Out Month's Gains In One Session, VIX Spikes

Growing concerns over the turmoil engulfing President Donald Trump’s administration weighed on risk appetite, sending global stocks and US futures lower, pressuring the dollar while boosting yen, gold and VIX. The sharp drop has seen the gains over the past month wiped out in one session.

Markets All Too Quiet Ahead Of Inflation, Retail Sales Data

Asian stocks and S&P futures are both feeling the weather this morning, while European stocks are little changed as traders have decided to hold back until today's key US CPI and retail sales data is released in under two hours.

Trader: "The Bigger Picture On Oil Is Far More Negative"

"February’s record speculative long position has been roughly halved. The market technicals appear healthy and fresh for a sustained bounce. That’s the short-term outlook. But at some point the much bigger picture will dominate again and that entails a far more negative skew on the situation."

Europe, US Futures Slip Despite Brent Bouncing Back To $51

Asian stocks rise lifted by commodity names; European equites trade mostly lower but with little in the way of conviction or firm direction while the Italian banking index is at the highest level in a year following domestic earnings; S&P index futures are modestly in the red after the cash market closed at a record high Wednesday and investors prepared for earnings from retailers.

Canada, Let's Not Minsky Words

"Breeding animal spirits too long creates systemic problems...and for Canadian real estate, the truth is Minsky instability could’ve been argued years ago - But central banks have created unstable market monsters that they neither can afford to feed nor fight."