Morning 6-2

Headline from Bloomberg explains how many of us feel “Absurd Overnight S&P action continues”

 European Stocks head for 12-week highs “buoyed by optimism about economies reopening and stimulus measures (BBG)

  • Stoxx 50 +1.6%
  • Dax +1.3%
  • MIB +2.3%
  • Stoxx 600 +1.6% led by Autos +4.3%

 Here in the U.S. Curfews in many Cities, the first in 70 years in N.Y. ,States of emergency were in effect in 6 states and 13 Cities with 67K National Guard deployed across the country. Largest number ever (WSJ)…and Spoos +.4%, Nasdaq +.28%. No Point trying to analyze why its an exercise in Futility just need to accept if Apple, FB, Nvidia move higher broader markets will follow. Stoxx 50 starting to outperform Spoos something to take notice of…Dollar continues to drop down 4th consecutive day 5-6 days maybe this is the reason that Spoos Higher maybe this is the asset impacted by riots.

 Expectations of an extension in Oil output cuts from OPEC + is providing a bid for all along with Higher European auto Sector  Brent +2.4% Cl +2% Gasoline +2.9%.Copper traded in China highest since March 6th..Australian Central bank left rates unchanged  but said maybe impact from Virus not as and as feared (ITC markets)…

   More optimism Singapore employees returned to work as virus cases outside of worker dorms dropped to zero, New Zealand said it could lift most of its remaining virus-related restrictions as soon as next week, Indonesia’s rupiah rallied to its highest level in more than 11 weeks as the government pushed to resume regular economic activity, and yields on South African 10-year bonds fell for a seventh straight day to the lowest in more than three months as primary dealers placed orders for more than twice the amount on sale at a weekly government debt auction. The MSCI Emerging Markets Index crossed a key level based on a Fibonacci analysis, the 50% retracement of its decline from January to March. It is about 5% away from the next resistance level, while the measure is also approaching its 100-day moving average after rising above the 50-DMA in May. (Mizuho)

 U.S. yields a bit higher European yields Steady to lower Gold steady Silver -.6% Platinum -1% Palladium +1% The Yuan Continues to rally a good sign for risk No Economic releases today

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