Opening Bell: U.S. Futures Slump On European Vaccine Turmoil; Dollar Wobbles
Investing.com | Mar 16, 2021 07:20
- Vaccine crisis spreads in Europe
- Travel shares wipe out lockdown losses
- Oil retreats for a third day h2 Key Events/h2
- Federal Reserve Chairman, Jerome Powell it expected to reaffirm his steady policy stance at the FOMC policy meeting on Wednesday.
- On Thursday the Bank of England is expected to leave its monetary policy unchanged.
- Bank of Japan monetary policy decision and Governor Haruhiko Kuroda briefing will take place on Friday.
- Futures on the S&P 500 Index were little changed.
- The STOXX 600 Index increased 0.4%.
- The MSCI Asia Pacific Index gained 0.6%.
- The MSCI Emerging Markets Index rose 0.7%.
- The Dollar Index advanced 0.1% to 91.90.
- The euro was little changed at $1.1925.
- The British pound sank 0.5% to $1.3836.
- The onshore yuan was little changed at 6.5 per dollar.
- The Japanese yen weakened 0.1% to 109.22 per dollar.
- The yield on 10-year Treasuries fell one basis point to 1.60%.
- The yield on two-year Treasuries was unchanged at 0.15%.
- Germany’s 10-year yield was unchanged at -0.33%.
- Britain’s 10-year yield was unchanged at 0.798%.
- Japan’s 10-year yield sank one basis point to 0.105%.
- West Texas Intermediate crude fell 0.8% to $64.89 a barrel.
- Brent crude fell 0.8% to $68.36 a barrel.
- Gold was little changed at $1,732.05 an ounce.
Futures on the NASDAQ were the only US contracts in the green ahead of the US session on Tuesday as traders expect the technology sector to continue its rebound. Futures on the Dow, S&P and Russell 2000 were all forecasting a lower open each of the three underlying indices posted record highs on Monday on US stimulus spending optimism.
The dollar, which had rallied for three days, is slightly lower this morning.
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The NASDAQ was the only benchmark that failed to post a new record yesterday, closing 6% below its Feb.16 all-time high. It appears that the US reflation trade is taking a breather, and maybe investors have decided to take profits on the news that the vaccine rollout in Europe has hit a snag.
European countries, including Sweden, Germany France and Italy have halted AstraZeneca (LON:AZN) inoculations on reports of blood clots in some recipients. They are awaiting a decision on Thursday from the European Medicines Agency, which is currently reviewing the new vaccine data, as to whether they can restart the vaccination process. The move is retreated for the third day as the “Iranian oil surge to China hurts OPEC efforts to tighten supply.”
Technically, oil might be forming a bullish pennant.
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