Asian bourses and European shares fell after surprisingly bad Chinese PMI and Japanese econ data added to a perceived hawkish tilt in Fed policy emerging from Chair Powell's testimony, however a rebound in US equity futures has pushed the S&P back into the green.
Global stocks have sprinted out of the gate in what right now is a sea of green, and S&P futures are currently at session highs, up 12 points or 0.4% as the dollar resumbles its plunge, sliding for a 3rd day as 10Y yield remain firmly below 2.90%.
After a week in which stock-trading abruptly algos decided that rising yields are irrelevant at worst, and at best positive for equities, the correlation has again flipped overnight sending Asian shares lower and S&P futures sliding.
When markets open for trading today, the S&P will rise above 2,800 and the Dow Jones will not only make a new record high, it will do so in historic fashion with just 12 days needed to move from 25,000 to 26,000, the fastest 1,000 point move in history.
Saudi Arabia is effectively nationalizing the Saudi Binladin Group, by taking managerial control, and "discussing a possible transfer of some of the giant construction group’s assets" to the state even as its chairman and other family members are still in detention...
U.S. futures are back in the green, while Asian and European stocks were mixed after worries about a U.S.-led trade war put world stocks at risk of their first two day loss of the year on Thursday, while bond markets bounced as China poured cold water on reports that it might stop buying U.S. debt.