Crude Oil Rallies as Investors Assess US Employment Data

A strong start to the week in Asia Pacific trading has faded as investors assess last week’s disappointing US employment numbers. Meanwhile, Crude Oil is rallying again amid ongoing talks surrounding passage through the Strait of Hormuz.

Over the weekend, China consumer prices came in better than expected at 3.5% (v. Street 3.8% and previous 4.1%). There are no notable earnings reports this morning.

NASDAQ futures are up 0.1%, while Dow futures are down 0.1%. In Asia Pacific trading, the Nikkei gained 2.1%, and the Hang Seng rose 1.0%. In Europe, the DAX is up 0.2%, while the FTSE is down 0.2%.

In Commodities, Crude Oil is up 1.6% and approaching $80.00/bbl, while Brent Crude has gained 1.7% and is nearing $85.00/bbl. Gasoline is up 2.0%, trading above $3.00/gallon once again. Gold is down 0.2%, trading below $4,400/oz, Copper has declined 0.5% to trade near $6.60/lb, and Silver is up 0.8%.

In Rates, the US 10-year Treasury note yield has climbed above 4.65%, while the US 30-year Treasury note yield is steady near 5.20%. In currency markets, the USD Index is up 0.1%, while the Euro and Loonie are little changed.

Looking ahead, US consumer prices are scheduled for Wednesday, followed by producer prices on Thursday and retail sales on Friday. This week’s earnings calendar is dominated by a large number of small- and mid-cap companies.

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