So, after dropping almost 6% in less than 50 hours, E-mini futures managed a climb of just over 3% since the nadir. And the bulls are rejoicing. Color us skeptical on the Asia MLIV team, but the optimism smacks of desperation -- the futures haven't even regained Thursday's open and are down from last week, last month, or even from three months ago.
This bounce is entirely to be expected -- trade negotiations don't play out over a few days and risk-averse markets see the most powerful short-term rallies.
The dollar is struggling to find a friend in any type of market.
Expectedly, markets in Europe will reflect the positivism gained on Wall Street and in Asia. The German DAX will start upwards of 50 points at a price of around €11,968. The French benchmark CAC40 will start trading 15 points higher at a price of €5,125. UKX will also see an increase on opening at 20 points higher at a price of 6968 pounds. Today, the economic calendar does not contain news of cardinal significance for European and US stocks, and investors will therefore focus their attention on Tramp and China's comments on tariffs, as well as on the UK, for possible progress on the Brexit deal.
Source: Bloomberg Pro Terminal
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