No News Is Good News as Stocks Rally

Group of fund manager analyzing big data for future investment

Markets are starting the trading week on a positive note. Despite rumours over the weekend, the conflict in the Middle East, particularly around the Saudi Arabia-Yemen flashpoint, did not escalate further. Energy prices are retreating and stocks are rallying as traders breathe a sigh of relief.

The People’s Bank of China maintained its benchmark interest rate at 3.00%.

NASDAQ futures are up 1.1%, while Dow futures are up 0.8%. Overseas, the Nikkei gained 1.4% and the Hang Seng rose 1.2%. In Europe, the DAX is up 1.2% and the FTSE has advanced 1.0%.

Crude Oil is down 3.0%, falling below $100.00/bbl toward $97.25/bbl. Brent Crude is down 2.6% but remains above $100.00/bbl, while Gasoline has declined 1.6% to near $3.45/gallon. Gold is down 0.4% but holding above $4,400/oz. Copper has climbed 2.1% to above $6.80/lb, while Silver is steady.

The US 10-year Treasury yield is steady just below 5.00%, while the 30-year yield is holding near 5.30%. The US Dollar Index and Euro are steady, while the Loonie is down 0.1%.

Bank of Canada Governor Tiff Macklem, ECB President Christine Lagarde and Reserve Bank of Australia Governor Michele Bullock are scheduled to speak later today or overnight. Flash manufacturing and services PMI reports are due Wednesday.

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