European, US Stocks In Eerie Calm As French Vote Looms

In commodities, oil prices edged lower and were on course for the biggest weekly drop in a month, over doubts that an OPEC-led production cut will restore balance to an oversupplied market. Front-month Brent futures were at $52.95 a barrel and set for a 5.2 percent weekly drop, the most since the week of March 10. Gold was flat at $1,280.91 an ounce. Meahwhile, iron ore futures climbed 5.1 percent.

Economic data include existing home sales, manufacturing PMI. GE, SunTrust are among companies scheduled to publish results.

Market Snapshot

  • S&P 500 futures up 0.1% to 2,354

  • STOXX Europe 600 down 0.2% to 377.30

  • MXAP up 0.7% to 147.03

  • MXAPJ up 0.5% to 478.58

  • Nikkei up 1% to 18,620.75

  • Topix up 1.1% to 1,488.58

  • Hang Seng Index down 0.06% to 24,042.02

  • Shanghai Composite up 0.03% to 3,173.15

  • Sensex down 0.4% to 29,307.65

  • Australia S&P/ASX 200 up 0.6% to 5,854.14

  • Kospi up 0.7% to 2,165.04

  • Brent Futures down less than 0.1% to $52.98

  • Gold spot little changed at $1,281.44

  • U.S. Dollar Index little changed at 99.79

  • German 10Y yield fell 0.6 bps to 0.238%

  • Euro up 0.03% to 1.0720 per US$

  • Brent Futures up 0.1% to $53.06/bbl

  • Italian 10Y yield fell 0.7 bps to 1.974%

  • Spanish 10Y yield rose 0.3 bps to 1.703%

Top Overnight News from Bloomberg

  • SNC-Lavalin Expands Reach With $2.7 Billion Deal for Atkins

  • Deutsche Bank Is First Bank Busted for Breaking Volcker Rule

  • U.S. FDA Finds Incomplete Lab Data at Sun Pharma’s Dadra Plant

  • Sony Reports Preliminary Profit Above Forecast on Savings

  • Kuroda Says Current Purchase Pace to Continue for Some Time

  • Samsung Biologics in Talks for 15 Contracts Amid Pharma Boom

  • Reckitt Benckiser Sales Flatten on Home-Brand Slump in U.S.

  • Freeport May Get Indonesia Nod to Export Concentrate Tuesday

  • GM Sees Low Single-Digit Growth for China Auto Industry in 2017

  • Mckesson Gets Conditional Belgian Nod to Buy Belmedis, Others

  • Pence Announces $10b in Deals in Indonesia With U.S. Companies

Asian equity markets traded higher across the board as the region took the impetus from the upbeat US close where stocks benefitted from optimism regarding tax and healthcare reforms. ASX 200 (+0.7%) was underpinned by outperformance in miners after increases in copper and iron ore prices as Dalian iron ore futures surged by 7% in early trade. Nikkei 225 (+1.0%) was benefitted from a weaker currency in which USD/JPY reclaimed 109.00, while Hang Seng (+0.1%) and Shanghai Comp. (+0.1%) gained after the PBoC continued to inject funds into the interbank market which resulted to a net weekly injection of CNY 170bIn vs. Prey. CNY 70bIn injection last week. 10yr JGBs traded flat with demand dampened amid a positive risk tone across the region, while the BoJ's Rinban announcement also failed to spur demand as it was widely in line with expectations and heavily concentrated on T-bills. PBoC injected CNY 60bIn in 7-day reverse repos, CNY 20bIn in 14-day reverse repos and CNY 20bIn in 28-day reverse repos, for a net weekly injection of CNY 170bIn vs. last week's CNY 70bIn net injection.

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