Good morning contrarians! Welcome to the Daily Contrarian, our morning look at events likely to move markets in the day ahead. Today is Monday, Aug. 7.
State of Play
Markets closed lower on Friday, reversing course from earlier in the session. As of 0625 today it looks like some risk-on could be returning:
Stock index futures are pointing to a higher open, led by tech. The Nasdaq is up 0.4%;
Bonds are selling off again. The yield on the 2-year is up 6 basis points to 4.85% whilst the 10-year is up 5bps to 4.12% and 30-year +7bps to 4.28% (yields move inversely to prices);
Commodities aren’t doing much. WTI crude oil is down ~1% to trade around $82/barrel. Copper is down 0.3%.
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