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- Equity futures traded higher into the open helped by solid gains for Asian and European indices and a retreat in crude prices on continued hopes that a resolution is near for the captured UK sailors. Crude futures have continued to push lower to trade as low as $64 despite a Colorado State hurricane forecast that predicts an active Atlantic hurricane season. The energy complex is one of the few areas of weakness in the first half of today??™s session. OIH ??“0.7% VLO ??“1.5% SUN ??“1.7% Equity strength intensified after Feb pending home sales were reported well ahead of estimates. Lenders and builders are notably strong led by LEND +21% after obtaining another round of financing. Airlines and retailers are seeing strength on hopes lower oil prices will buoy consumer spending and lower costs. CAL +8% AMR +5.4% WMT +2% TGT +2% HD +2% Treasury markets have been trading lower but in a fairly tight range. The 10-year yields 4.656% while the 2-year is at 4.608%. The Japanese Yen is lower across the board with the USD/JPY up 95 pips to 118.78 as the start of the Japanese fiscal year brings renewed retail demand for the carry trade. June gold is near session highs up fractionally at $672, while copper has been making new 5-month highs up 3.5% at $3.29 on talk funds covering short positions.
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