Overnight Markets and News

June S&P 500 E-minis (ESM18 +0.39%) are trading higher by +0.50% this morning as some of the gloom from Monday dissipated and as overseas stock markets today did not fall as far as U.S. stocks did on Monday. The Euro Stoxx 50 index this morning is down -0.58%, which is a substantially smaller decline than Monday’s -2.23% plunge in the S&P 500 index. Asian stocks this morning closed with losses of less than -1%: Japan Nikkei -0.45%, Hong Kong Hang Seng +0.29%, China Shanghai -0.84%, Taiwan TAIEX -0.61%, Australian S&P 200 -0.13%, Singapore Str. Times -0.54%, South Korea KOSPI 200 -0.20%, India Sensex 30 +0.35%, Turkey ISE National 100 +0.12%.

The dollar index (DXY00 +0.04%) this morning is trading slightly lower by -0.06 (-0.06%) and EUR/USD (^EURUSD unch) is slightly lower by -0.0011 (-0.09%). USD/JPY (^USDJPY +0.34%) is up +0.36 (+0.34%) on reduced safe-haven demand for the yen. June 10-year T-note prices (ZNM18 -0-050) are down -6.5 ticks as safe-haven demand faded with the partial recovery in E-minis.

May WTI crude oil (CLK18 +0.21%) this morning is up +0.33 (+0.52%) and May gasoline (RBK18 +0.57%)is up +0.0187 (+0.95%) on an upward rebound after Monday’s sharp losses. Precious metals prices this morning are giving back some of Monday’s sharp gains with June gold down 4.7 (-0.35%) and May silver down -0.127 (-0.76%), but May copper is up +0.011 (+0.34%). Grain prices this morning are trading higher with May corn up +0.25 (+0.06%), May soybeans up +7.75 (+0.75%), and May wheat up +4.25 (+0.95%). Softs this morning are mixed with May sugar down -0.19 (-1.52%), May coffee up +0.10 (+0.09%), May cocoa down -34 (-1.29%), and May cotton up +0.18 (+0.22%).

The Trump administration is reportedly pushing for a preliminary NAFTA agreement that it can announce next week.

The Australian central bank today at its monthly policy meeting left its key interest rate unchanged at a record low of 1.5% for the 20th straight month, which was fully in line with market expectations.