- Wall Street futures are up around 1% on average.
- The dollar retreats modestly due to lower yields and a better mood.
- Metals recover while oil validates recent losses.
Equity markets recover after Friday’s sharp decline. The dollar falls modestly, while metals rebound from lows in days. Oil does not lift. Corporate results take center stage from economic data.
Rebound without greater force
In Europe, the FTSE 100 rose 0.89%, the DAX 1.16% and the CAC 40 0.86%. In the United States, after Friday’s crash, stocks are set to recover. The S&P 500 that lost 2.37%, rises in the previous 1.25%. Dow Jones futures climb 1.02% and Nasdaq futures 1.48%.
The Liz Truss government backtracked on its fiscal plans in the United Kingdom. Finance Minister Jeremy Hunt announced that they have reversed most of the measures of September 23, with the aim of providing financial stability. The pound is rising at a modest pace in the market.
The dollar falls slightly, with the Dollar Index (DXY) down 0.30%. The decline in Treasury bond yields contributes to the weakness of the dollar. The 10-year bond yields 3.94% after being above 4.00% on Friday, while the 2-year is at 4.44%.
The economic calendar looks light on Monday and also in the rest of the week. Strong days are coming for the presentation of corporate results for the third quarter. Today it will be the turn of Bank of America, BNY Mellon and Charles Schwab.
Early Tuesday, key economic figures will be released from China of the third quarter (GDP, retail sales and industrial production), which were surprisingly postponed on Monday.
This delay in the data from China had an impact on oil prices, which went into negative territory. The bad tone was accentuated in the last hour. The barrel of WTI loses 0.05% and is below $86.00.
Metals, by contrast, are rising on Tuesday, recovering from intra-day lows. Gold is close to $1670 and silver in the 18.60% area, having tested $18.00 on Friday. Cryptocurrencies are trading flat on Monday. The Bitcoin It does just over $19,000, while Ethereum is at $1,315.
Technical levels
Source: Fx Street
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