US Market Open: European bourses/US futures under pressure amid a firmer USD & further debt downside
키 포인트:
- European bourses are under pressure following the strong gains seen in Tuesday's session with fresh newsflow fairly limited heading into key US data, Euro Stoxx 50 -1.1%.
- Stateside, ahead of those metrics which will be eyed for further clues around a 'pivot', futures are under similar pressure
- USD has benefited from a rebound in yields and perhaps on phycological/technical grounds, DXY nearing 111.00 to the detriment of peers
- Core debt is pressured across the board with Gilts lagging despite upside from a well-received DMO outing; US yields firmer, though curve is slightly mixed
- Crude benchmarks are currently dictated by broader risk and are modestly softer as such, though attention will turn to the OPEC gathering shortly
- Consensus heading into OPEC is that there will be a sizeable production cut announced, the magnitude of which is unknown but source updates are becoming increasingly skewed towards the top-end of a 0.5-2.0mln range.
- Looking ahead, highlights include US Final PMIs, US ISM Services, ADP, OPEC, speech from Fed's Bostic.
Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk