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A look at the day ahead from Sujata Rao.
An eventful weekend as a cyber attack forced the shutdown of
much of the Colonial pipeline -- the source of half the U.S.
East Coast's fuel supply. That's pushed up U.S. gasoline futures
2% while Brent crude futures are up almost 1%.
It raises the risk of gasoline shortages during the U.S.
summer driving season but also of another surge in headline
inflation, already seen on the rise in coming months.
Treasury yields are higher therefore, adding another two
basis to a late-Friday rebound off two-month lows.
But with U.S. 10-year yields some 20 bps off recent 14-month
highs, world stocks are rolling higher, hitting new record highs
and European and U.S. futures indicating a robust session ahead.
Stocks are merely extending gains chalked up on Friday when
a remarkably poor set of April jobs data allowed markets to push
back Fed rate hike bets and sent the dollar to two-month lows. A
perusal of the figures showed however, the huge miss maybe had
more to do with hiring difficulties rather than jobs not being
created.
In other news, pro-independence parties nabbed a majority of
seats in the Scottish parliament, setting the stage for a tussle
with the UK government over another independence referendum. The
pound seems unfazed though, staying above $1.40; eyes possibly
on the end of COVID-19 lockdowns, just a week away.
Also on the weekend, meme-inspired crypto Dogecoin lost a
third of its value after Elon Musk, the billionaire Tesla chief
called it a "hustle". He then proceeded to tweet that his SpaceX
venture would be accepting Dogecoin as payment.
The main action though is on Ether which rose above $4000,
hitting a record high for the third day straight.
Finally, earnings are winding down across the Atlantic but
some 75 companies, including several banks, will report in
Europe. Societe Generale leapt as much as 6.6% after it posted
net 814 million-euro profit.
Key developments that should provide more direction to
markets on Monday:
-New India coronavirus cases and deaths hold near record highs
- Earnings: British bakery chain Greggs raised its profit
outlook after after a recovery in sales; Dignity reported a 35%
jump in Q1 profit due as demand for funeral services rose
Euro zone Sentix index
Auctions: US 6-mth/3-mth bills
US earnings: Coty, Tyson Foods, Marriott, Occidental,
Europe earnings: Euronext, Centrica
(Reporting by Sujata Rao; editing by Thyagaraju Adinarayan)
