Market Recap - Equities recover in Asia
There was another sell off in US equities yesterday although a mild recovery was observed before the end of the session. The S&P 500 dropped as low as 2,621 before recovering to close at 2,696, 0.15% lower. Over in the Asia Pac area, major bourses all traded in the black. The Nikkei 225 rose 0.79%, ASX 0.42% and China's Shanghai Comp. 0.03%.
Gold has been stuck hovering near the resistance point of the previous consolidation high. The precious metal has tried to break the $1242/oz level and did manage to just print over but it failed to close above.
Oil markets are struggling after lots of OPEC talk yesterday. Today the meeting in Vienna is set to kick off at 8am London time and according to the Saudi Energy Minister, we may not even get to find out the output quota's from each nation. The output cut is rumoured to be in the region of 1mln bpd.
Price action in copper seems fully dependant on the truce between China and the US. As of yet, we have not seen any real commitments from the deal and it looks like the market wants to see details.
Today we have the big event. Non Farm Payrolls, EU GDP, Canadian employment data, Michigan consumer sentiment and Fed's Brainard speaks,