Markets Rebound After a Weekend of No Surprises

In the weeks since the war started, we have seen a pattern emerge of weakness in some markets on Fridays and rebounds on Monday’s, which appears to be related to some traders being concerned about holding assets over weekends in a time of war.

This morning finds US index futures up 0.6%-0.7%, clawing back some of Friday’s US index losses of 1.7%-2.1%. In Europe today, the FTSE is up 1.0% and the DAX is up 0.4%.

Oil prices are climbing today amid mixed comments from President Trump who indicated talks with Iran are progressing and at the same time threatened to destroy Iranian energy, power and desalination facilities if they don’t reopen the Strait of Hormuz soon. US Crude is up 1.5% trading above $100.00/bbl, while Brent Crude is up 2.1% trading near $115.00/bbl. Gasoline is up 1.3% trading near $3.35/gallon.

Metals continue to rebound this morning with Gold up 1.4%, Silver up 2.3% and Copper up 0.5%. The Yen is up 0.5% against the US Dollar, but the Euro and Loonie are down 0.2%. Treasury yields have slipped back a bit this morning ahead of outgoing Fed Chair Powell speaking this afternoon. This week we start to get more economic data collected since the start of the war. This includes China PMI numbers tonight, Manufacturing PMI reports and US ADP payrolls on Wednesday, and Service PMI reports plus US nonfarm payrolls on Friday when markets are closed.

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