Thomson Reuters
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City
Good Morning! US Futures are up small as Oil pops and M&A headers abound (Bayer boosts for MON, ENB for SE, DHR for CPHD). Mostly Green across Europe, with the DAX climbing 25bp as HC and Discretionary shares climb, while those Fins see profit-taking from the recent spike. The FTSE under 30bp pressure as stronger Economic data spikes hawkish BOE concerns, causing London listed Fins to drop 50bp. Volumes are light, with most exchanges across the continent trading 20-30% light to trends. Asian stocks reached one-year+ highs overnight - India 18mon highs - Nikkei gained 30bp - Shanghai climbed 60bp - Hong Kong was led by tech +2.2% as Tencent +2.3% continues to rise, while Aussie lost 25bp, and EM gained 80bp on average.
German's 10YY is coming in 2bp, while US yields are starting flat - Heavy week of Central Bank activity, with Canada and Sweden Weds ahead of the ECB Thursday. The DXY is under pressure, losing ground to Euro as EU GDP posts - The Aussie $ higher after less dovish statement from the RBA, while the Pound is nearing 2month highs. The weaker $ a tailwind for commodities, helping Gold add to Friday's gains, while Brent is falling 1% after yesterday's 3% Russia-Saudi headlines induced spike. Natty Gas continues to drop, losing 1.3% - while there remains little life in the softs, with Wheat and Corn falling 60bp+.
Ahead of us today, Fed's Williams (Neutral, Non-Voter)Speaks on Outlook at 9:15 - We get Markit US Services PMI at 9:45, just before the Bank of England Bond-Buying Operation Results at 9:50. 10am is the day's highlight, with ISM Services for the USA posting. Ahead of us this week, we get Multiple FOMC Speakers and Fed's Beige Book - The EMC Deal Closes Weds, $47B in cash, same day as the AAPL product event in San Francisco. Finally, we have counted no less than 25 Sell Side Conferences this week…