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First Call: June 26, 2019
S&P futures up 0.4% after Mnuchin said US-China deal 90% complete at 5amET on CNBC – this helped spark a rally in the US futures and Eurozone stocks BUT keep in mind US officials were using the same "90% complete" phase back in April and May too (before negotiations broke down and Trump imposed new tariffs); a ceasefire is still the best case for G20. Asian markets mixed overnight. Japan one of the worst performers while China saw a modest pullback. European markets higher. Treasuries weaker with the curve flattening. Dollar seeing good gains vs the yen while little changed on the euro cross. Gold down 0.7%. WTI crude up 1.8% following API report of a big inventory draw.