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First Call September 2, 2020
- S&P futures up 0.6% after rallying to start the month on Tuesday with tech continuing to provide the upside leadership. Nothing specific behind the latest push higher. Central bank liquidity, economic surprise momentum, earnings resilience, vaccine optimism, and FOMO still the go-to excuses.
- Asian equities mixed overnight with Australia a standout, Japan finishing higher and Hong Kong, China, and Taiwan among the laggards.
- European markets seeing strong gains.
- Treasuries are weaker with some curve flattening.
- Dollar stronger on the major crosses.
- Gold down 0.4%.
- WTI crude up 0.6%.