The always awesome @Newsquawk US Market Open: European stocks trade mixed, USD is boosted, commodities are pressured, and UK clocks changed
Full Note – incl Podcast
European bourses began the week modestly firmer, though this proved shortlived and the complex has pivoted to being mixed overall in-fitting with the APAC handover
Stateside, futures are under more pressure, ES -0.5% as yields pickup a touch, NQ -0.7% lags slightly as such
USD is bolstered by the general risk tone, Yuan pressure post-PMIs and the latest piece from WSJ’s Timiraos; DXY to a 111.20+ peak
Core fixed benchmarks pressured with yields extending as we enter a week dominated by Central Bank activity
Commodities under pressure amid the USD pickup and weak Chinese PMIs alongside COVID woes
Looking ahead, highlights include US Chicago PMI & a speech from ECB’s Lane.
UK clocks changed from BST to GMT on Sunday, October 30th. As such, the time gap between London and New York is four hours until US clocks change on Sunday, November 6th.