May 3
- Risk-off across the board
- Manufacturing data on tap
- closed -3.67%
- UST 10Y 0.59%
- Oil $21/bbl
- Gold $1704/oz
- $8653
- Asia and the EU
- EUR Sentix -41.8 vs. -25.9
North America Open
It has been a quiet but decidedly risk-off start to the week’s trade with some of the bourses in Asia closed for spring holidays. Stock index futures gapped lower on the open and remained negative throughout Asian and early European trade and the dollar was bid across the board on the same sentiment.
In Europe, the equities were particularly hard hit with the down nearly 4% as investors soured on any idea of a strong recovery. Although the pandemic appears to have crested in all the major EU economies and most of the members were making efforts to slowly lift the lockdowns, the markets are coming to the realization that the return to normal activity may take years not months.
Europe is particularly hard hit because the current climate is highly negative for tourism in its Southern states and…
