Overview:
After US stocks dropped more than 4% yesterday, investor sentiment has improved, apparently sparked by ideas that the pain will force oil producers to find a way to reduce supply. prices have surged, with the May WTI contract rallying around 7%. Asia Pacific equities were mostly higher, with Japan and Australia the notable exceptions. The Dow Jones is a little firmer, but for the seventh consecutive session, it is chopping around the 300-320 range. US shares are stronger. The S&P 500 gapped lower yesterday, and that gap (~2522.7-2571.2) may offer a reference point today. Benchmark bond yields are two-five basis points higher, though the European peripheral bonds are performing a bit better in this environment. US yield is up a couple of basis points at 0.60%. The is mixed among the majors with Norway and the dollar-bloc gaining ground, while yen, and especially the , have moved lower.
The large liquid and accessible emerging market currencies are firmer, including…
