Good morning contrarians! Welcome to the Daily Contrarian, our morning look at events likely to move markets in the day ahead. Today is Tuesday, Aug. 29.
State of Play
As mentioned yesterday, it’s a slow week. Stocks did close higher yesterday, but not by much. As of 0635 all is quiet across asset classes:
Stock index futures are unchanged, with no major US index moving at all from the break-even point;
Commodities are pointing to modest gains. Copper is up 0.8%. WTI crude oil is up <1% to trade around $80.50/barrel;
Bonds aren’t doing anything, though it’s worth pointing out that yields came in yesterday, meaning there was some buying. Right now the 2-year yields an even 5% and the 10-year 4.21%.
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