Global Markets, US Futures Surge On Renewed Trade Hopes

In commodities, WTI (+1.8%) and Brent (+1.7%) trade with firm gains amid the improvement in the risk sentiment as US-Sino trade discussion seem to be on track, with US President Trump expressing optimism via Twitter yesterday. Furthermore, prices may be underpinned in light of last night’s API crude inventories which showed a much wider-than-expected draw of 10.18mln barrels vs. the expected draw of 3.0mln barrels. Traders will be eyeing this afternoon’s weekly DoE inventory release for a fresh catalyst (alongside production numbers) in which crude inventories are expected to decrease by 3.0mln barrels. In terms of metals, spot gold (+0.1%) remains steady as the dollar index remains within a tight range while copper traded sideways near weekly highs in light of the improvement in risk sentiment. Elsewhere, Shanghai steel snapped a three-day losing streak amid talks of production cuts at the top steelmaking city, Tangshan.

US Event Calendar

  • 7am: MBA Mortgage Applications, prior 2.0%
  • 8:30am: US CPI MoM, est. 0.0%, prior 0.3%; Ex Food and Energy MoM, est. 0.2%, prior 0.2%
  • 8:30am: US CPI YoY, est. 2.2%, prior 2.5%; CPI Ex Food and Energy YoY, est. 2.2%, prior 2.1%
  • 8:30am: Real Avg Weekly Earnings YoY, prior 0.88%; Real Avg Hourly Earning YoY, prior 0.7%
  • 2pm: Monthly Budget Statement, est. $199.0b deficit, prior $100.5b deficit
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