After yesterday's surprisingly contained session, in which the priced-in Singapore summit made little impact on markets, so far in today's pre-FOMC session we have seen contained markets with little to note.
Initial reaction to Macron's speech was one of nearly unanimous disappointment over a missed opportunity... "We were expecting concrete policies, for now, there is nothing practical. I came out empty-handed."
It's a risk-on mood around the world, as China makes an unexpected trade concession by slashing auto import tariffs to 15%, while the Italian bond rout is taking a break, leading to a sharp rebound in the euro as the dollar slides.
With Walmart unofficially set to close Q1 earnings season, all attention will remain glued on the interplay of the rates-dollar-oil trio, and judging by the somber overnight market action, traders are not too excited with the ongoing meltup in all three.