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First Call May 22, 2020
- S&P futures up 0.1%, reversing earlier weakness. US equities on track for big weekly gains although there have been lower highs and lower lows from earlier in the week.
- Asian markets came under pressure overnight with much of the focus on Hong Kong, which fell more than 5.5%. Nikkei a relative outperformer as it fell less than 1%.
- European markets mostly weaker but also off lows.
- Treasuries are mostly stronger with some curve flattening.
- The Dollar a bit weaker vs yen but seeing good gains vs euro and sterling.
- Gold up 0.6%.
- WTI crude down 4.8%, off worst levels, and still on track for a fourth straight week of big gains.