The @Newsquawk Market Opening – European bourses/US futures under pressure amid firmer USD

The always awesome Newsquawk US Market Open: European bourses/US futures under pressure amid a firmer USD & further debt downside

Full Note


European bourses are under pressure following the strong gains seen in Tuesday’s session with fresh newsflow fairly limited heading into key US data, Euro Stoxx 50 -1.1%.

Stateside, ahead of those metrics which will be eyed for further clues around a ‘pivot’, futures are under similar pressure

USD has benefited from a rebound in yields and perhaps on phycological/technical grounds, DXY nearing 111.00 to the detriment of peers

Core debt is pressured across the board with Gilts lagging despite upside from a well-received DMO outing; US yields firmer, though curve is slightly mixed

Crude benchmarks are currently dictated by broader risk and are modestly softer as such, though attention will turn to the OPEC gathering shortly

Consensus heading into OPEC is that there will be a sizeable production cut announced, the magnitude of which is unknown but source updates are becoming increasingly skewed towards the top-end of a 0.5-2.0mln range.

Looking ahead, highlights include US Final PMIs, US ISM Services, ADP, OPEC, speech from Fed’s Bostic.

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