Stocks in North America and Europe are trying to mount a rebound from Friday’s big selloff that saw US indices fall between 1.0% and 2.5% with the NASDAQ leading the way downward. This morning, bargain hunters and people who may have sold or held off ahead of the weekend appear to be stepping back in as US index futures are trading up 0.6% to 0.8% so far this morning. Over in Europe, the Dax, CAC and FTSE are all up 0.6% to 0.7%.
Commodities and currencies are also bouncing back today. US Crude Oil is up 1.0% and Copper is up 1.8%, although Natural Gas is down 4.0%. Precious metals are in rally mode; Gold is up 0.1%, Silver is up 1.0% and Platinum is up 2.8%. In crypto action, Bitcoin is up 1.6% and Ethereum is up 1.8%.
It’s a quiet day for business news, leaving traders to digest softer than expected inflation numbers out of China and last week’s North American employment reports. This week’s main numbers are US Consumer Prices on Wednesday and US Producer Prices on Thursday. China trade data comes out overnight tonight and Bank of Canada Governor Macklem speaks tomorrow. Former President Trump and Vice President Harris are set to debate Tuesday evening. Fed members are in their usual premeeting blackout this week ahead of the interest rate decision coming on September 18th.