The widely anticipated Sunday night open of futures trading is here, and it is a bit anticlimatic.
Yes, futures are broadly lower, oil and gold are higher, but there is no panic, and as Bloomberg’s Mark Cudmore writes, most non-energy moves are relatively contained and almost everything has pared back from the opening extremes.
To wit, oil is up 8.5%. but it was up as much as 13% at the start of futures trading, so some profit taking off the bat.
US equity futures down about 1% no, off their worst levels.
Gold and silver both still up more than 1% but that seems small enough in context of recent volatility.
US dollar’s early strength continues to ease back at the margin, even if it’s the clearest FX theme for the day so far
Even bitcoin – which traditionally gets slammed on any news these days – is actually in positive territory on the session (and was well higher during the weekend).
To summarize, while it is still very early, there’s no sense of panic in markets yet. Still, it would be naive to assume that’s a good guide for the full session as we may get larger selloffs as various Asia cash markets open, especially if something happens to the “memory” trade which has pushed the Kospi to an idiotic 50% higher YTD.
