World markets have been mixed overnight as investors digest recent developments related to COVID Wave 2 (vaccine rollouts versus new/increased lockdowns) while awaiting the start of US earnings season later this week, and Joe Biden’s inauguration as US President next week.
It’s a light day for both economic news and corporate news. A couple of FOMC members are speaking today and weekly oil inventories are due later on but the main data reports (trade and retail sales for the US and China) aren’t due until Thursday-Friday.
This morning finds US index futures bouncing 0.2%-0.3%, clawing back some of yesterday’s 0.3%-1.3% losses. In Europe today, the Dax is down 0.1% while the FTSE is down 0.6%. It was a good day for Chinese markets with Shanghai rallying 2.0% and Hong Kong climbing 1.3% but the other major Asia Pacific indices were flat to down slightly.
In commodity action today, WTI and Brent Crude Oil are up 1.1%-1.3% ahead of weekly inventory numbers due later today and tomorrow. Copper is up 1.2% while Platinum is up 2.0%. Gold and silver are steady today.