First Call

First Call June 16, 2020

Jun 16, 2020

Thomas Thornton

  • S&P futures up 1.5% after US equities finished higher on Monday, sharply reversing early losses. S&P futures rallied nearly 5% from their lows. Afternoon support a function of Fed announcement that it will begin buying a broad portfolio of corporate bonds under its SMCCF.
  • Retail sales coming up in 10 min. Powell speaks today
  • Asian markets higher overnight with South Korea and Japan the standouts, followed by solid gains in Australia, Hong Kong, mainland China, and Taiwan.
  • European equities also seeing big gains.
  • Treasuries weaker with the curve deepening.
  • Dollar a bit better vs euro but weaker on yen and sterling crosses.
  • Gold up 0.6%.
  • WTI crude up 2.1%.
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