Good morning contrarians! Welcome to the Daily Contrarian, our morning look at events likely to move markets. It is Wednesday, April 30, 2025. The last trading day of the month!
State of Play
As we eye or board of indicators for signs of direction at 0650, the big move is in commodities land, and that is lower:
Commodity prices are sinking after disappointing numbers from China’s manufacturing sector. Copper is down 5%. WTI crude oil down 1% to trade below $60/barrel. Even gold and silver are dropping, by 1.5% and 3%, respectively;
Stock index futures are moving a bit lower, led by tech. The Nasdaq is down 0.5%. S&P 500 futures are off 0.3%;
Bonds are unchanged after yesterday’s rally. The 10-year yields 4.17%, its lowest level since the start of the month;
Cryptos are flat. Bitcoin is changing hands around $95,000.
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