Europen Open

Slow start so far for North American and EMEA equity futures this morning, but that arguably isn’t too surprising after the decent pop higher we saw yesterday, and even though moves have been marginal this morning we are still trading very close to yesterday’s highs. Asia-Pac is seeing some decent traction this morning with the Hang Send and Kospi up over 1%.

With yesterday’s CPI and Retail Sales data, the recent weak patch in US data continues. Important to note that this time round it is both soft and hard economic data showing weakness, unlike a few months ago where soft data was weak while hard data was surprising higher.

US Inflation Tracker

Source: FinancialJuice

The ECB released its financial stability report this morning with the central bank stating that overall threats to financial stability have receded. The Central Bank stressed that while recessionary fears have abated, geopolitical risks remain a concern. All in all though the financial stability remains fragile in the Euro Area as price pressures persist and wages could still see further uward mobility which could further weigh on the Euroe Area.

For the full report CLICK HERE

US Session Ahead

10-year Treasury yields were down to nearly 4.31% earlier but are now back up to 4.34% in European trading. It comes as bond sellers are staving off a drop below the 200-day moving average close to 4.33%, at least for now.

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S&P 500 futures were barely changed, as Europe’s benchmark index dipped down.

On the data front, stock-market bulls will be hoping that unemployment claims indicate labour market slack, allowing the Fed to loosen monetary policy. A number of central bank officials are scheduled to speak today as well. Investors anticipate two rate cuts this year, according to futures markets.

Calendar is in GMT time.

Source: MarketPulse

Sources Used: FInancialJuice, MarketPulse