Stocks, Yuan, Oil Jump As Asia Trading Starts

A combination of Saudi comments on the length of time repairs to their key refinery will take and Chinese comments talking down Friday's canceled farm-land trip have sparked a bid for stocks, yuan, and crude in early trading Sunday night.

As we noted earlier, Saturday's news from the NYT that the "the delegation of Chinese agriculture officials that had planned to travel to Montana and Nebraska in the coming week didn’t cancel the trip because of any new difficulty in the trade talks" but "instead, the trip was canceled out of concern that it would turn into a media circus and give the misimpression that China was trying to meddle in American domestic politics", oil too is likely to catch a bid after the WSJ reported that it may take "up to eight month", rather than 10 weeks company executives had previously promised, to fully restore operations at Aramco damaged Abqaiq facility, suggesting the crude oil shortfall will last far longer than originally expected.

US Futures have indeed spiked... with S&P Futs back at the Maginot Line of 3,000...

Nasdaq has erased all of Friday's drop, Dow remains lower (for now)...

Yuan has erased more than half of Friday's drop...

Source: Bloomberg

And finally, oil is up, with WTI back above $59...

And gold is modestly lower...