Stock markets around the world are on the rebound this morning. The Nikkei led Asia Pacific markets higher with a 1.1% gain, although Hong Kong struggled to a 0.3% loss. In Europe today, the Dax is up 1.8% while the FTSE is up 0.1% on its return to trading. US index futures are up 0.4% to 0.6%, clawing back some of Monday’s 0.6% to 1.0% US index losses and fading as the morning has progressed.
Commodities are in retreat so far today. WTI crude oil is down 2.4% and has slipped back under $95.00/bbl, while natural gas is down 2.3%. Metals trading finds copper down 1.5% and platinum down 1.2%. In currency action, the US Dollar is down slightly which has enabled EURUSD to regain par, while USDCAD as slipped back under $1.3000. Cryptocurrencies are bouncing back with Ethereum up 2.5% and Bitcoin up 1.0%, but gold is still struggling, down 0.4%.
Business news has been quiet again overnight which suggests that today’s bounce could be a combination of short-covering, bargain hunting, and investors positioning ahead of month-end tomorrow. This morning US S&P/Case-Schiller house prices are the headliner due at 9:00 am EDT (street 19.5% vs previous 20.5%). Tomorrow morning brings Canadian GDP, US ADP payrolls plus Chicago PMI, Chinese PMI reports, and more inflation numbers from Europe.