Markets Rebound into Month End; Oil Gap Widens

The last day of the month and the quarter finds equities bouncing back as some investors go bargain hunting and reposition for the coming month. The three US index futures contracts are all up about 1.0% this morning. Over in Europe the Dax and FTSE are both up about 0.9%.

Crude Oil is climbing today and the spread between the two main contracts is widening again. Brent Crude is up 4.1% trading near $117.50/bbl, while US Crude is up 0.8% trading near $103.50/bbl. The difference today may be due to a tweet from President Trump who essentially told the UK and European countries that if they want jet fuel they should buy it from the US or go open the Strait of Hormuz themselves.

Overnight, China announced Manufacturing and Non-PMI Manufacturing surveys for March were above 50 in expansion territory and above expectations. Copper is up 0.5% on the news. US Chicago PMI (street 55.0 vs previous 57.7) is due at 9:45 am EDT. Everyone else reports Manufacturing PMI tomorrow.

The US Dollar is backsliding a bit today. Gold is up 1.2%, Silver is up 3.6%, the Euro is up 0.3% and the Loonie is up 0.1%.

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