Morning Markets
Good Morning. Markets have reversed a good bit of Friday’s activity, though not more than 50% in most cases. The DX is up 12 and Bonds are weaker. Stocks are stronger headed into the US open and seem to have a wind at their back for now. Gold and Silver are up some. Copper is strongest in the metal area. Oil has come in very strong but still well below its level pre-panic on Friday. Natural Gas also is reversing its Friday behavior and is down 8%.
Light data day. Heavy Speaker day.
3pm: Fed’s Williams
3:05pm: Chair Powell
3:15pm: Fed’s Hassan
5:05pm: Fed’s Bowman
GoldFix Podcast
Goldman Sachs says stay the course on Oil
Bitcoin Podcast
Guidance
U.S. pending home sales numbers for October are at 10:00 a.m. and Dallas Fed Manufacturing Activity for November is at 10:30 a.m. Fed Chair Jerome Powell is scheduled to make opening remarks at a New York Federal Reserve event. President Joe Biden has a busy day, speaking on the the omicron variant at 11:45 a.m., meeting with company CEOs on holiday shopping at 2:00 p.m. and delivering public remarks on his administration’s work to strengthen the nation’s supply chains at 3:45 p.m. - Bloomberg
Top News Headlines from last night
The omicron variant of Covid-19, first identified in South Africa, has been detected in locations from Australia to the U.K. and Canada, showing the difficulties of curtailing new strains
While health experts in South Africa, where omicron was first detected, said it appeared to cause only mild symptoms, the Geneva-based WHO assessed the variant’s risk as “extremely high” and called on member states to test widely. Understanding the new strain will take several days or weeks, the agency said
The economic effects of the successive waves of the Covid pandemic have been less and less damaging, Bank of France Governor Francois Villeroy de Galhau says
Italian bonds advance for a third day, as investors shrug off new coronavirus developments over the weekend and stock futures advance, while bunds are little changed ahead of German inflation numbers and a raft of ECB speakers including President Christine Lagarde
A European Commission sentiment index fell to 117.5 in November from 118.6 the previous month, data released Monday showed
Spanish inflation accelerated to the fastest in nearly three decades in November on rising food prices, underscoring the lingering consequences of supply-chain bottlenecks across Europe. Consumer prices jumped 5.6%
Energy prices in Europe surged on Monday after weather forecasts showed colder temperatures for the next two weeks that will lift demand for heating
Zen Moment
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