Good morning contrarians! Welcome to the Daily Contrarian, our morning look at events likely to move markets. It is Monday, May 13. The Bottom Line segment of today’s podcast starts at (3:01) for listeners who want to skip ahead.
State of Play
Hope your seatbelts are securely fastened as this promises to be a massive week! As we look at our board of indicators at 0630, there are a few signs of ‘risk-on’ emerging:
Stock index futures are pointing to a slightly higher open, with the S&P 500 and Nasdaq up 0.2% each;
Commodities are gaining ground, lead by copper which is up 1%. WTI crude oil is up 0.4% to trade around $78.50/barrel;
Cryptos, too, are seeing signs of life with Bitcoin up almost 3% to trade around $62,700;
Even bonds are seeing bids, with the 2-year yield down 2 basis points to 4.84% whilst the 10-year is also down 2bps to 4.48% (yields move inversely to prices).
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