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China’s robust economic momentum looks likely to have carried into the second quarter as its factory-led recovery broadened to the consumer while further adding to global inflation pressures.
by Tyler Durden
Monday, May 10, 2021 - 08:01 AM
S&P futures started the weak flat with Nasdaq futures falling offset by surging commodity stocks as a new record in copper and iron ore prices stoked concern about whether inflation will derail a growth rebound in the world’s largest economy and spoil a record stock rally. Metal producers were among the biggest gainers in premarket trading, with Freeport-McMoRan, Cleveland-Cliffs and United States Steel all up at least 3%.
At 715 am ET, Dow e-minis were up 109 points, or 0.31%, S&P 500 e-minis were up 3.25 points, or 0.08%, and Nasdaq 100 e-minis were down 35.5 points, or 0.26%. The tech-heavy index has been whipsawed by the prospect of inflation which threatens longer-term profit expectations typical of the industry A downgrade by Citi of Internet stocks such as GOOGL did not help. Treasury yields steadied as traders brace for a busy week of auctions.
EUR/GBP Exchange Rate Falls as Confidence Grows in UK Economy
The Euro Pound exchange rate fell by 1% today after the UK downgraded its Covid-19 threat level from 4 to 3, highlighting the success of vaccinations and social distancing. The pairing is currently fluctuating around £0.86.
Sterling has continued to rise today thanks to growing optimism in the UK economy.
NHS England national medical director, Prof Stephen Powis, however expressed caution about the UK’s Covid-19 situation, saying:
‘Covid is still circulating with people catching and spreading the virus every day so we all need to continue to be vigilant. This remains a major pandemic globally.’
EUR/USD Recovery Emerges with RSI on Track to Threaten Downward Trend of clients are net short. Long News of clients are net short. Long News of clients are net short. Long News of clients are net short. Long News of clients are net short. Long News 2021-04-06 14:00:00 David Song, Strategist
EUR/USD Rate Talking Points
EUR/USD attempts to retrace