Most of the gains in global equity markets were achieved at the gap open of US futures last night but with volumes tepid, the levitation machines also got a lift from Europe's PMI data this morning. S&P futures have lifted from a +10 gap to +16 now, testing towards Tuesday's (Pre-Kerry) levels but Treasuries have been slammed as any safe-haven premium is removed sending yields on the 10Y and 30Y up around 6 to 7bps (10-day high yields). Gold, which was slammed lower with WTI at the open, has recovered most of its losses (like WTI) and trades only modestly lower but silver is up over 2.5% (its best day on 10 days). European bond spreads and stocks are rallying handsomely with Portugal and Spain -20bps from Friday's wides and stocks up 1.5 to 2% (though Greece is lagging).
WTI is now only modestly lower from Friday; same with gold; but silver is surging...
European bonds and stocks have recovered Friday's losses, gapping up at the open and supported by PMIs - though thelast few hours have been dead and relatively flat...
US equity futures are rallying but stil lhave a long way to go to pre-Kerry levels...
and US Treasuries are being sold...
Charts: Bloomberg